Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage, a Kansas City-based call center operation focusing on consumer-direct sources of business.
Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center's growth and operations.
"We believe CapWest's sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace,” said Prospect Chairman and CEO Mike Williams.
“We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors," said Williams.
As a result, Prospect now has the resources to scale CapWest’s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect's existing consumer direct initiatives.
"As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank," said W.R. Robbins, Chairman and CEO of Farmers Bank & Trust.