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2 Mortgage Firms Acquired

New American buys Paramount, PSM Holdings acquires United Community

March 17, 2011

By staff

Two mortgage firms were acquired this week, with one promising job hirings as a result.

In North Carolina, New American Mortgage acquired Paramount Lending, a news release Thursday said. Both firms are based in Charlotte.

Terms of the deal weren't spelled out.

New American was launched in 2008 by Casey Crawford and Toby Harris. Crawford was an NFL player for the Carolina Panthers.

New American employs 280 people at 50 offices in nine states. Last year's originations were in excess of $1 billion.

Paramount was founded in 2007 and "specializes in online lead conversion." Headcount is 20.

By the end of this year, New American expects to bring on another 30 call-center employees, while 150 more are expected to be recruited within the next three years -- including more than 100 loan originators and call-center specialists in Charlotte and 50 support employees in Virginia Beach, Va.

Paramount President Jessica Babinski will become New American's E-Leads Executive.

On Wednesday, PSM Holdings Inc. announced that it completed the acquisition of United Community Mortgage Corp. on March 15.

United Community's sole shareholder, Edward Kenmure, received 2.4 million shares of PSM. He was elected to PSM's board of directors and named vice president of PSM-subsidiary PrimeSource Mortgage Inc.

The move "provides a significant presence for the company in New York and New Jersey," according to the statement.

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