Terms of the deal were not disclosed. The transaction, which is subject to customary closing conditions, is expected to close within the next 30 days.
Opes Advisors has 39 retail locations in California, Oregon and Washington. Most of these locations are in wealthy areas, resulting in high credit quality originations.
In 2016, Opes’ 160 mortgage advisors closed approximately $3 billion in originations – mostly purchases.
The company also has a wealth advisory arm that currently has approximately $325 million in assets under management.
Flagstar will operate Opes Advisors as a separate division with its own brand, providing a strategic expansion to Flagstar’s retail home lending franchise, Flagstar says in a release.
Alessandro P. DiNello, president and CEO of Flagstar, says the acquisition fits in the bank’s strategic goal of growing its retail mortgage business. In addition, it is a “good fit culturally,” he says.
“We like the deep mortgage experience of their management team; we like their strong purchase mortgage origination focus; and we like their long track record of success,” DiNello says. “We look forward to working with the entire Opes Advisors team to share best practices and create a first-class borrowing experience for our customers.”
The deal follows Flagstar’s acquisition of the residential mortgage delegated correspondent lending platform of Stearns Lending LLC, along with certain related assets, in late February.