Following through on its promises of expansion, American Mortgage Consultants recently announced the acquisition of The Barrent Group's operations center and 50 of its mortgage professionals.
The company also plans to hire up to 150 additional employees from the Des Moines, Iowa-based firm within the next year.
The additions are expected to further enhance AMC’s client service capabilities by offering securitization underwriting for loan types, including non-qualified mortgages, agency high balance, single-family rental, jumbo, fix-and-flip and small balance commercial real estate, and permit the review of seasoned re-performing, non-performing and performing assets.
TBG’s President Richard Barrent said the transaction with AMC was a good fit for his company because it will allow employees to join a leading due diligence firm and continue serving clients.
“We have been targeting ways to expand our industry-leading capacity and capabilities when the opportunity to add Rich Barrent and the outstanding mortgage professionals at TBG presented itself,” AMC’s CEO Michael Franco said.
Franco said that TBG was the answer to the company's expansion plans.
“This acquisition advances our strategic growth priorities and allows us to establish a foothold in the Midwest,” Franco said. “Our clients should view this transaction, the planned hiring initiative for our new Des Moines office and our continued technological innovations as a reinforcement of our commitment to be a strategic partner in their respective businesses.”
Last year, American Mortgage Consultants acquired a business unit from Stewart Lender Services that is also responsible for residential due diligence and servicing functions.