Gleacher & Co. expands mortgage business through ClearPoint acquisition
Investment bank Gleacher & Co. said Tuesday it is launching a residential mortgage banking initiative through its newly acquired mortgage company, ClearPoint Funding. ClearPoint Funding is a residential, nondepository mortgage lender based in Marlborough, Mass. The firm is an approved lender through the Department of Housing and Urban Development and is licensed as an independent mortgage lender in 12 states and Washington, D.C. In October, New York-based Gleacher & Co. began the acquisition, which was undertaken by its wholly owned and newly formed subsidiary Descap Mortgage Funding. ClearPoint will operate as part of Descap. Founder of the newly obtained firm, Greg O'Connor, will lead the overall operations. ClearPoint President Mark Pappas said the acquisition is the first step in a nationwide expansion. "First on our list of initiatives is a significant geographic expansion through targeted recruitment of experienced mortgage staff," Pappas said. "Our overall objectives are to build a company brand by providing personalized customer service, developing a culture of funding high-quality loans and utilizing our management expertise to capture significant market share in regions we deem attractive." Pappas was responsible for overseeing the deal until it closed. Write to Christine Ricciardi.