Mortgage lender Guaranteed Rate acquired The Manhattan Mortgage Co. this week, combining two platforms with the capacity to close $1 billion-plus in loans.
Manhattan Mortgage will become a part of Guaranteed Rate in an asset acquisition revealed this week. No details were disclosed about the transaction, but the deal merges two platforms with a significant mortgage lending presence in the Northeast.
Guaranteed Rate closed well over $8.1 billion in home loans this year, while New York-based Manhattan Mortgage finalized more than $1 billion home loans.
Through the acquisition, Guaranteed Rate is taking in one of New York's leading mortgage brokerage firms and more than 100 employees.
Manhattan Mortgage originates loans in Vermont, Massachusetts, Connecticut, Florida and New Jersey.
"We are very proud of the business that we've built and success that we've had over the past 27 years," said Melissa Cohn, founder and president of Manhattan Mortgage. "Our customer-focused philosophy is a good fit with Guaranteed Rate’s approach, and we're looking forward to continued success and growth as we join forces with them."
Guaranteed Rate has 134 offices in 47 states and Washington D.C. The acquisition brings Manhattan Mortgage's six offices across New York under Guaranteed Rate's umbrella.