Last month, when Home Point announced it acquired the wholesale lending division of Platinum Mortgage, everyone wondered what would happen to the retail lending side.
Well, wonder no more.
As of this morning, Movement Mortgage, a top 10 national retail mortgage lender, tells HousingWire it is acquiring the retail lending assets of Platinum Mortgage.
The purchase marks Movement’s second acquisition of 2019, following the purchase of the retail mortgage assets of Eagle Home Mortgage.
This purchase will boost Movement’s presence in Alabama where Platinum’s retail footprint is concentrated — Platinum Mortgage produced more than $300 million in mortgage volume in the state in the past year.
“We’re honored to welcome the Platinum Mortgage team to the Movement family,” says Movement Mortgage Chief Executive Casey Crawford. “We know they’ve built a reputation of excellent service and community involvement, and we’re excited to amplify and extend that legacy as part of the Movement team.”
The purchase brings Movement to more than 3,500 personnel, or “teammates,” as the company prefers to call them. Movement now operates 650 branch offices nationwide.
According to Movement, the deal closed on May 1, 2019. Terms of the acquisition were not disclosed.