Mortgage

HomeBridge completes purchase of operating assets of Prospect Mortgage

Adds 500 mortgage loan originators from Prospect

HomeBridge Financial Services, a national independent mortgage lender based in Iselin, New Jersey, officially completed the purchase of the operating assets of Prospect Mortgage from Prospect Holding Company.

The move, according to HomeBridge, makes it “one of the largest nonbank mortgage lenders in the country, with retail branches nationwide and two wholesale divisions, REMN Wholesale and HomeBridge Wholesale.” The purchase also added approximately 500 mortgage loan originators from Prospect, responsible for $8.4 billion in loan production in 2016.

And on top of the added originators, HomeBridge’s retail footprint now includes more than 250 branch locations in 35 states.

“Through the acquisition, we now have improved access to capital while remaining the entrepreneurial and nimble mortgage lender the industry knows us as,” said HomeBridge CEO Peter Norden.

Under the agreement, HomeBridge President Joel Katz and Chief Operating Officer Joe Sheridan will continue to lead the business. Also, Michael Williams, Prospect's chairman and CEO, will remain with HomeBridge in an advisory role for the immediate future.

The purchase was first announced in November 2016 and came shortly after predictions from the Mortgage Bankers Association estimated that mortgage acquisitions would be increasing. 

 

Most Popular Articles

UWM to credit borrowers up to $600 for their appraisal costs

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday.

Jan 26, 2022 By

Latest Articles

Why It’s Time for Foreclosure Tech Innovation

Hosted by Stavvy Collateral valuation is a critical component of mortgage lending and the home sales With the federal foreclosure moratorium expiring in 2022, the market will undoubtedly see growth in foreclosure transactions as it tries to catch up on both past and present loans. The return to working foreclosure is a perfect opportunity for […]

Jan 27, 2022 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please