Alamo, California-based RPM Mortgage acquired Regency Mortgage, a 14-branch private mortgage lender with operations in New Hampshire, Maine, Massachusetts, Vermont and Florida.
Under the acquisition, Regency’s loan originators will have access to a larger menu of loan products, in addition to more technology and compliance support.
This expands RPM’s regional footprint into the East Coast. However, Regency will continue to operate under its current brand and its operations will remain local.
“Higher compliance costs are an unfortunate reality of today’s mortgage lending environment. This creates a challenge for independent mortgage lenders to remain price-competitive and provide quality loan products,” RPM CEO Rob Hirt said.
“The combination of RPM and Regency will enable us to service our respective markets and provide the best possible loans for our customers,” said Hirt.
RPM said it will continue to seek out like-minded, retail only, independent mortgage companies where they feel that they can best serve homeowners, such as the Northeast, Southeast, Texas and Chicago.