A mortgage banker operating from Missouri has purchased a smaller mortgage firm in Wisconsin, potentially boosting originations by nearly a tenth.
Providence Home Lending has been acquired, according to a news release issued Tuesday. Terms of the deal were not revealed in the statement.
The Madison, Wisconsin-based mortgage firm was founded in 1998 by its president, James Mercado. This year, it expects to originate $0.130 billion.
Around 25 people work at the company.
DAS Acquisition Company LLC is the buyer in the transaction.
The Providence Home Lending brand is being maintained, the statement said.
As a result of the merger, Providence Home Lending
will bring all of its production activity in-house. An improved turnaround is expected as a result.
DAS is the parent of
St. Louis-based USA Mortgage.
USA Mortgage reported a staff of 365 people as of Sept. 30, while its year-to-date originations stood at $1.1 billion. It claims to be the biggest home lender in St. Louis.
Given USA Mortgage’s 2015 annualized lending rate of
$1.5 billion, the acquisition will lift DAS’ mortgage production by nine percent.
Including Wisconsin, DAS says it is licensed in 15 states.
