A company in Southern California that originated $500 million last year has acquired a firm that specializes in government mortgages.
Around $0.5 billion was originated by Residential Wholesale Mortgage Inc., Brad Livingston, president of the San Diego-based lender, confirmed in a statement to Mortgage Daily.com. This year’s production is expected to come in about the same level.
Residential Wholesale, contrary to its name, only operates as a retail lender, according to Livingston.
He noted that originations are primarily generated out of San Diego County, though the 17-year-old company also closes loans in other parts of the state and in Oregon.
Livingston noted that the company will be able to maintain 2010’s production levels as a result of its acquisition of the Government Loan Center. The firm is part of Uniwest Mortgage Corp., which is also based in San Diego.
The Government Loan Center originates and underwrites loans that are either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
Jim McDade was appointed as director of government lending at the combined company.
Eight Government Loan Center employees join the 60 people already employed at Residential Wholesale, according to Livingston. By the end of this year, the staff size could expand to 90, including between 10 and 15 new loan originators and some additional support staff.
