A financial institution and an established mortgage banker have reached agreements to acquire a pair of residential lending firms, while two other companies are getting new capital.
Cousins Home Lending is being acquired by Granite Bank, according to a Sept. 28 statement.
The acquired entity will operate as a division of the Portsmouth, New Hampshire bank.
Twenty-year veteran Anna-Lisa Cousins, who founded Cousins Home Lending in 2002, will develop the new bank division as senior vice president, residential mortgage lending.
The statement indicated that current employees of Cousins Home Lending will join the bank at a new production office.
Granite Bank’s customers will gain access to government mortgage programs as result of the acquisition.
A press release from Cherry Hill, New Jersey-based E Mortgage Management LLC last month indicated that it acquired assets of Fortren Funding LLC. Fortren will operate as a dba of EMM.
EMM called Livingston, New Jersey-based Fortren an “innovator in online, direct-to-consumer digital lending” and said the acquisition make it “a competitive Internet based lending company providing residential mortgage loans from coast to coast.”
“The acquisition of Fortren Funding is an extraordinary business opportunity,” EMM President and Chief Operating Officer Kevin Crichton said in the statement. “The expertise of Fortren’s management and staff will expand on the talent of our company’s mortgage professionals who already provide the highest quality in customer service, direct to the consumer, now into the digital marketplace.”
Financial terms of the transaction weren’t disclosed.
Impac Mortgage Holdings Inc. reported last month that it will offer 2 million shares of its common stock in a transaction that is expected to generate $39 million in gross proceeds.
“We intend to use the net proceeds from the sale of the securities offered under this prospectus supplement for general corporate purposes, including general administrative expenses and working capital and capital expenditures, development costs, strategic investments or possible acquisitions, or repayment of debt,” Irvine, California-based Impac stated in a filing with the Securities and Exchange Commission.
A follow-up investment has been made by Ellington Financial LLC in Longbridge Financial LLC,
an Oct. 6 statement said. Longbridge is an originator of reverse mortgages.
In addition, Mahwah, New Jersey-based Longbridge disclosed that Home Point Capital has made a new investment in
it. The transaction is subject to regulatory approval.
The proceeds will be utilized to expand Longbridge’s
reverse mortgage origination and servicing operations.
