Houston-based residential lender Hometrust Mortgage Co. signed a deal to acquire MortgageAmerica for an undisclosed amount. The deal pulls together two regional lenders, shoring up sales territory in the South and Southwest.
Birmingham, Ala.-based MortgageAmerica has a loan volume of about $700 million, according to Lynn Nunez, president and CEO of Hometrust, which has volume of nearly $500 million.
Hometrust will hire most of MortgageAmerica's 200 employees, Nunez added. Hometrust already has a little less than 200 employees.
The deal expands Hometrust's geographical footprint to Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.
In Alabama and surrounding states, the company will operate as Hometrust Mortgage of America Inc.
Hometrust launched back in 1986 and currently has offices in Texas and New Mexico. MortgageAmerica was founded in 1978 and operates throughout the Southeast.