Home Point Financial Corp., which has already recently made multiple mortgage investments, has agreed to acquire a publicly traded lender.
In 2015, the Ann Arbor, Michigan-based mortgage banker purchased Maverick Funding Corp. in a transaction that was negotiated in 2014.
Last year, Home Point
made a new investment in Longbridge Financial LLC and acquired the originations and operations of Emery Financial.
On Friday, Home Point announced that it has reached an agreement to acquire Stonegate Mortgage Corp. for approximately $211 million in cash.
Indianapolis-based Stonegate reported $12.2 billion in loan originations during 2015, while it closed $6.9 billion during the first-nine months of 2016.
Stonegate serviced $14.6 billion as of Sept. 30, 2016.
Today’s announcement indicated that the acquisition will make Home Point a top-25 mortgage originator and servicer.
Staffing at Stonegate finished the third-quarter 2016 at 893 employees.
“The combined business will have full national coverage across all channels of mortgage origination, as well as vertical integration across the mortgage value chain,” Home Point Chief Executive Officer Willie Newman said in the statement. “Most important, the talent and experience of the combined team will give us the ability to fulfill Home Point’s vision of being a leader in mortgage banking and financial services.”
The
transaction, which has been approved by Stonegate’s board of directors, is subject to shareholder approval, regulatory approval and customary conditions.
The acquisition is expected to close by mid-2017.
