The market for online mortgage lending just got a new competitor.
First Guaranty Mortgage Corp. is acquiring goodmortgage.com, an online mortgage lender, as FGMC plans to expand its digital presence.
Goodmortgage.com was founded in 1999, and provides residential mortgage loans in 18 states and Washington, D.C.
According to the company, goodmortgage.com was one of the “early pioneers” in online direct consumer lending, and its robust online lending platform made it attractive to FGMC.
“Goodmortgage.com is one of the leading consumer-direct lenders in the country and an excellent fit with our strategic initiatives,” Andrew Peters, FGMC’s CEO, said in a statement. “This acquisition is yet another positive step in FGMC’s continued growth and we are confident our clients and partners will benefit substantially as a result.”
Goodmortgage.com is based in Charlotte, North Carolina, and until this sale was privately held and run by its founder & CEO, Keith Luedeman.
According to the companies, goodmortgage.com will operate as a separate division within FGMC and will retain the name “goodmortgage.com.”
Ken Jones, FGMC’s executive vice president of consumer and warehouse lending, said that the goodmortgage.com acquisition is part of FGMC’s plan to continue expanding its digital mortgage operations.
Jones also said the company plans to expand goodmortgage.com’s reach.
“First Guaranty’s acquisition of goodmortgage.com is in itself an extraordinarily ‘goodmortgage’ business decision,” Jones said.
“Keith Luedeman and his talented team have successfully built a platform that meets the demands of today’s ever-changing consumer,” Jones continued. “Our goal is to continue the growth of their retail lending success while tactically expanding the goodmortgage.com cyber-footprint.”
Luedeman said the deal with FGMC allows the companies to grow together.
“First Guaranty and goodmortgage.com make perfect sense together,” Luedeman, said.
“Both brands share the same emphasis on steady growth, elite service, strong strategic decision-making and efficient, tech-enabled operations,” Luedeman added. “Together, we expect to see only continued growth and success.”
Goodmortgage.com’s website states that the company is a Fannie Mae-approved servicer/seller, as well as an approved loan correspondent for the Department of Housing and Urban Development and the Federal Housing Administration.
The company also states that it is an approved loan correspondent for the Department of Veterans Affairs and the Department of Agriculture and Rural Development.
Financial terms of the deal were not disclosed.