Open Mortgage has acquired Premier Home Mortgage, a South Dakota-based lender that specializes in financing for rural and small-town homes.
Open said the deal will add new markets to its footprint by bringing with it offices in Iowa, Montana, South Dakota and Wyoming, which will begin to operate as branches of Open within the year.
The company also said the acquisition of Premier Home will add $300 million in loan value to its bottom line.
Open Mortgage was founded in 2003 and runs operation centers in Austin and Atlanta to support its 79 branches in 22 states. The forward and reverse mortgage lender said it originated nearly $1 billion in home loans last year.
Premier’s CEO Russell Allgier, who will become regional branch manager at Open and lead the South Dakota and Montana markets, said the deal with Open will bring new technology, a stronger digital presence and cutting-edge products to the markets Premier serves.
“Premier Home Mortgage’s strong culture and rural footprint complements what we’ve built at Open Mortgage,” said Open Mortgage founder and CEO Scott Gordon. “Together, we will continue to focus on delivering exceptional experiences to every customer and employee.”
Financial terms of the deal were not disclosed.