A $50 million deal has been struck between a Nevada net branch organization and a California loan fund.
Shearson Home Loans today announced it inked an agreement to sell up to $50 million "A" and "Alt-A" mortgage loans to a fund managed by Newport Beach, Calif.-based Capital Asset Group.
Shearson, reportedly a subsidiary of Consumer Direct of America, reports closing 6,435 loans for $1 billion last year.
The deal calls for Las Vegas-based Shearson, which calls itself "a consolidator of the mortgage brokerage industry," to service the loans. Shearson says 250 of its 300 employees are brokers.
Shearson CEO Michael Barron said the agreement was "exclusive," and added, "This delivery insures a ready market for our production and we anticipate strong execution for both parties."