Just a month after announcing it would eliminate wholesale lending from its business, Universal American Mortgage Company LLC is acquiring retail mortgage banking assets.
Mortgage broker clients of Eagle Home Mortgage were advised last month that the company would no longer be available for wholesale business.
Eagle is a unit of Universal American — which itself operates as the mortgage origination arm of homebuilder Lennar Corp.
On Wednesday, Miami-based Universal American announced that it has acquired certain assets of Pinnacle Mortgage Group Inc.
Pinnacle is based in Lakewood, Colo. It was founded in 1995 and is reportedly licensed in seven states located in the West — though data from the Nationwide Mortgage Licensing System & Registry indicates that all branch licenses were surrendered on March 31.
“Pinnacle will join UAMC’s retail mortgage operations operating under the Pinnacle Mortgage Group brand name while transitioning to UAMC’s retail brand name, Eagle Home Mortgage,” the statement said.
With the Pinnacle acquisition, Universal American operates 100 branches and is licensed in 26 states, according to the announcement.
Pinnacle Co-Founders Todd Henderson and Brian Rindels are staying on as leaders of Pinnacle.
