When Stearns Lending hired David Schneider as its new CEO back in May, the company said that Schneider would lead the company through its “next phase of growth.”
On Tuesday, Stearns Lending followed up on that claim, announcing that it acquired the mortgage production channels of Primary Capital Mortgage.
Specifically, Stearns acquired Primary Capital’s wholesale, non-delegated correspondent, and consumer direct lending businesses.
Prior to the acquisition, Stearns focused on wholesale, retail, strategic alliances and consumer direct lending.
In a release, Stearns called Primary Capital deal a “significant” acquisition that is “highly complementary” to its current business model.
According to details provided by Stearns, Primary Capital saw “significant growth” over the past four years, and originated $1.9 billion in loans in 2016.
“We are excited to bring our two companies together as part of Stearns’ ongoing pursuit of profitable growth and commitment to being an industry leader,” Schneider said. “Our two organizations both have complementary strengths and a commitment to excellence, which make our companies well suited to join forces moving forward.”
Stearns said that the company has offered positions to the Primary Capital mortgage production related employees that impacted by the deal.
Anthony Coniglio, Primary Capital’s CEO, said that the Stearns represents an “ideal partner” for the company.
“In seeking a partner, we wanted to ensure that our borrowers, brokers and other business partners would continue to receive best-in-class service,” Coniglio said.
“I’m incredibly proud of our team’s hard work and dedication to our clients in building a great company at Primary Capital,” Coniglio added. With its well-deserved reputation for excellence, Stearns is an ideal partner that will build upon this success and offer a work environment in which our employees can excel.”
Financial terms of the deal were not disclosed.