University Lending has acquired assets from Huron Valley Financial, taking on 52 of its employees, including its wholesale lending division, HVF Partners, and its reverse mortgage channel, 1st Nations Reverse.
The deal between the two Michigan-based companies will bring University’s total employee headcount to 440 and will make it the largest locally based first mortgage originator, University said.
University Lending is a subsidiary of University Bank, which raked in $56 million in revenue and originated $874 million in residential mortgages last year, according to Crain’s.
In June 2017, Huron Valley acquired 1st Nation’s Reverse from Home Point Financial, announcing its plans to channel resources into expanding the reverse division’s footprint by expanding into 35 states and originating $150 million in HECMs annually.
Most recently, 1st Nations Reverse ranked No. 25 on the Top 100 Lenders list from Reverse Market Insight.
University Bank President and CEO Stephen Lange Ranzini said the deal brings together two skilled teams with similar cultures.
“Both of our firms are focused on providing top-rated customer service to consumers and specialize in working with sources of influence including financial advisors, CPAs, lawyers and other professionals to provide professional mortgage services to their clients,” Ranzini said.
“We will bring our unique customer service that provides underwriting decisions and underwriting condition waivers in 24 hours or less and the wider product menu of financial services that University Bank makes available to this larger group of loan officers and their customers,” he added.
Huron Valley Financial President and CEO Eric Bradley – who will join University Lending as senior vice president Michigan region manager – said integrating the services offered by both companies gives southeast Michigan consumers more choices.
“Our combined companies will offer a variety of unique products along with technology that allows consumers to manage the entire loan process online,” Bradley said, “yet we'll still maintain local offices where consumers can meet in person with a mortgage professional and discuss financing options over a cup of coffee.”