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| A Texas-based company has acquired 15 branches and hired over 100 branch employees.
Southwest Mortgage Corp. announced Tuesday that it acquired the branches from a “Texas based mortgage lender.” A spokeswoman for Southwest confirmed the branches were acquired from Home Loan Corp. She noted that they are not net branches. The branches are located in Arlington, Austin, Clear Lake, and Spring, Texas; Baton Rouge, La.; Shreveport, La.; Olympia, Wash.; and Bountiful, Utah, according to the announcement. The deal, for which terms were not disclosed, reportedly included the hiring of 114 branch employees. “With the expanded footprint provided by the acquisition, we are projecting our loan origination volume to double over the next 18 months,” Southwest President and Chief Executive Officer Susan Stewart said in the statement. San Antonio-based Southwest, a subsidiary of Southwest Business Corp., said it is a mortgage banker with aggressively priced portfolio jumbo loans, government mortgages and conforming loan programs. In June, the company announced the launch of a reverse mortgage division. Home Loan, based in Houston, will continue to operate branches that were not part of the deal, the Southwest spokeswoman said. In September, Home Loan, which reportedly originated $3.7 billion during 2005, shut down its wholesale lending subsidiary, Expanded Mortgage Credit. |
