Back in 2015, HarborOne Bank, a Massachusetts-based bank, boosted its mortgage business by acquiring Merrimack Mortgage Company, a privately held mortgage originator based in New Hampshire.
Since that acquisition, HarborOne operated its own mortgage business and Merrimack Mortgage operated as a wholly owned subsidiary.
But now, HarborOne is combining its internal mortgage business with Merrimack Mortgage and establishing a new mortgage business, which will be called HarborOne Mortgage.
HarborOne Mortgage will operate as a wholly owned subsidiary of HarborOne Bank. According to the company, the existing senior leadership team at Merrimack will run HarborOne Mortgage.
In a release, HarborOne said that having Merrimack in the fold allowed the company to “significantly increase the size of its fee-based mortgage banking business and secure a stronger foothold” in lending markets in the New England region.
“This is a natural evolution for the robust mortgage business we have been building together since HarborOne acquired Merrimack Mortgage Company three years ago,” said HarborOne Mortgage President Pete Makowiecki.
“By combining our mortgage operations into a single cohesive unit – we can more efficiently manage the business at scale while also capitalizing on cross sell opportunities for banking products including retail deposits, small business banking and home equity,” Makowiecki added.