An affiliate of Berkshire Hathaway is acquiring a real estate firm that was the former employer of the Mortgage Bankers Association’s president and chief executive officer.
Berkshire-affiliate HomeServices of America Inc. announced Thursday that it has
acquired The Long & Foster Companies Inc. and its family of companies.
Among the businesses owned by
Long & Foster is Chantilly, Virginia-based Prosperity Home Mortgage LLC, which previously reported nearly 12,000 loans originated for more than $3 billion in 2016.
Before he was recruited by the Obama administration to run the Federal Housing Administration in 2009, MBA President and CEO David H. Stevens was president and chief operating officer of Long & Foster.
The announcement from Minneapolis-based HomeServices indicated that 11,000-agent Long & Foster is “the largest private residential real estate company in the United States by sales volume.” Last year’s volume was more than 81,000 home sales transactions for nearly $29 billion.
For its part, Berkshire Hathaway already owns Vanderbilt Mortgage, a manufactured housing lender.
