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Acquisitions Create Lending Giant

Blackstone subsidiary announces series of acquisitions

Aug. 11, 2015

By Mortgage Daily staff



The mortgage subsidiary of The Blackstone Group LP has made several recent acquisitions that position it to be among the nation's largest non-bank home lenders.

Blackstone-subsidiary Finance of America Holdings LLC announced on Monday that it has made a series of mortgage company acquisitions.

With the moves, the Horsham, Pennsylvania-based firm will now originate residential loans through the retail, wholesale and correspondent channels.

Finance of America says it is licensed in 45 states.

In addition, the company will also originate reverse mortgages and service home loans.

Gateway Funding Diversified Mortgage Services Inc., which was founded in 1994, is one of the companies acquired, according to the announcement. In 2011, the lender -- which is also based in Horsham -- reported that it had 52 offices. It previously disclosed $5 billion in production for 2011.

Also acquired was Pinnacle Capital Mortgage LLC. The Roseville, California-based wholesale lender incorporated in January 2008.

Another acquisition was that of certain assets owned by PMAC Lending Services Inc. The wholesale lender was founded in 1995.

"As a result of these acquisitions, Finance of America through its operating subsidiaries will rank among the largest non-bank originators in the United States and will be licensed in over 45 states," the statement said.

With the moves, staffing now exceeds 3,000 employees, including 1,400 licensed loan originators.

The company now has around 300 retail lending branches as well as five wholesale and correspondent centers.

Finance of America's executive lineup now includes Brian Libman, chairman; Robert Boliard, president of western retail and national wholesale; and Bruno Pasceri, president of eastern retail and nationwide correspondent lending.

The news release indicated that Finance of America also owns Urban Financial of America LLC. The Tulsa, Oklahoma-based reverse mortgage lender was founded in 2003 and ranks as the fourth-largest originator of home-equity conversion mortgages based on its 3,886 HECMs originated during the 12 months ended July 31, according to data reported by Reverse Market Insight.

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