Mortgage Master Acquired By loanDepot

Posted by Patrick Barnard on November 13, 2014 No Comments
Categories : Residential Mortgage

In a deal that signals further consolidation in the mortgage banking space, national non-bank lender loanDepot has acquired regional non-bank lender Mortgage Master Inc., for an undisclosed sum.

In a release, loanDepot says it plans to keep the Mortgage Master brand intact. In addition, Leif Thomsen, CEO and founder, and Paul Anastos, president, will continue to lead the Mortgage Master brand. What's more, the LDWholesale brand will remain intact.

The acquisition, which is still subject to regulatory approval, significantly expands loanDepot's reach, as it will now operate 130 retail locations across the country (up from about 84) and four Web production centers. The combined company will have about 3,700 full-time employees (up from about 2,800), including more than 1,200 licensed loan officers.

The two companies originated about $1.75 billion in loans in October alone, according to the release, with nearly $70 million in top-line revenue.

Anthony Hsieh, chairman and CEO of loanDepot, said the two companies' business models, cultures and product offerings ‘are highly complementary.’

‘The combined company will position us to accelerate our expansion in the northeast while continuing to build our national consumer lending businesses, offering both mortgage and non-mortgage lending products,’ he says in the release.

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