Ohio-based Union Home Mortgage, a lender with more than 130 branches in 36 states, is set to grow its business after it acquired Alliance Home Loans, a lender based in Phoenix.
Technically, the deal was an “asset purchase,” but the companies did not provide any other details beyond that, including no information on the financial terms of the deal.
According to its website, Alliance Home Loans currently has more than 200 employees, including 100 loan originators who are licensed in 27 states. The company states that it funds more than 3,000 loans annually.
The company offers varying loan types, including conventional, jumbo, reverse, Federal Housing Administration, Department of Veterans Affairs, Department of Agriculture, and more.
The company is led by Jamie Korus Pearce, who serves as president. In 2016, HousingWire Magazine honored Pearce as a Woman of Influence for her accomplishments at Alliance.
Now, Alliance will be part of Union Home Mortgage. In a release, the companies claim that the acquisition will grow Union Home’s annual loan production to more than $4 billion.
Bill Cosgrove, CEO and owner of Union Home Mortgage, said that the deal will help his company grow.
“The announcement was met with a great UHM spirit. I believe the culture match is wonderful and Jamie Korus should be proud of the company she has built,” Cosgrove said.
“Alliance employees have impressed us, and they are absolute UHM material,” Cosgrove added. “The addition of our new partners to our current family in Phoenix is paving our way to be a force in the Valley of the Sun.”
Pearce said that she is “thrilled” to see the Alliance team join a “world-class company” like Union Home.
“My team is my most valuable asset and the decision to join UHM was easy because their culture is to value and treat their team in the same manner,” Pearce said.
“UHM has the most impressive leadership team I have ever seen, and the platform, operations and tools that they have created and made available has everyone extremely excited about this new venture,” Pearce continued.
“Union Home Mortgage is owned, run and led by people that I trust and know are all about people, ethics, and integrity and have a process to ensure maximum production,” Pearce concluded. “We are all glad to have our mortgage family with Union Home Mortgage.”