A mortgage firm that has originated more than $10 billion in mortgages agreed to be acquired by LendingTree.
The news came Tuesday from parent Tree.com Inc.
According to the statement, LendingTree Loans has agreed to acquire SurePoint Lending for “$6 million in cash and contingent consideration up to an aggregate additional $17 million pursuant to earn-out provisions over the next three years.”
Subject to closing conditions, the deal is expected to closed during the first-quarter 2011.
Louisville, Ky.-based SurePoint was founded in 1995 by Saul Pohn. The company is a DBA of First Residential Mortgage Network Inc. and has grown from around 400 employees in 2008 to nearly 500 now. Current headcount includes 300 loan originators.
The company is licensed in 45 states.
LendingTree and SurePoint have reportedly been doing business together for 11 years. Last year, SurePoint was named the No. 1 refinance lender on LendingTree’s network.
SurePoint — which reports more than $10 billion in originations since inception — could help boost business at LendingTree, which reported $1.2 billion in production during the first half of this year.
