In a recent definitive agreement between loanDepot, LLC and Mortgage Master, Inc., loanDepot, LLC will acquire the super-regional mortgage lender and one of the country’s largest privately-owned mortgage companies.
LoanDepot, LLC, the nation’s second largest nonbank consumer lender, looks to the acquisition of Mortgage Master to fuel further growth of the lender’s enterprise-level retail branch strategy and coast-to-coast reach while complementing the company’s online direct-lending business of both home and personal loan products.
LoanDepot, LLC will operate as a combined company with 130 retail lending branches across the country, four web production centers, and employ 3,700 full-time associates including more than 1,200 licensed loan officers serving borrowers in all 50 states once the transaction is closed. As part of the agreement, Mortgage Master’s Founder and CEO Leif Thomsen and President Paul Anastos will continue to lead the Mortgage Master brand.
“We chose to join loanDepot because we were impressed by the strength and experience of their management team who shared like-minded goals,” said Anastos. “Our primary objective for Mortgage Master was finding a partner who had similar beliefs on how best to grow our business with a culture that matched our own. In fact, our planning leading up to the announcement focused as much on cultural integration as the obvious financial benefits and stability of our combined businesses. We are truly excited about the opportunities this presents for our employees and customers.”
The combined company plans to maintain and operate loanDepot.com, imortgage, a leading retail lending platform and division of loanDepot, LLC focused in the western U.S., and Mortgage Master consumer brands, offering borrowers across the country vital access to the financing, information and expertise they need to pursue their lending needs. In addition, the LDWholesale brand will continue helping brokers grow their businesses by delivering competitively-priced products with high-touch, high-tech service.
“We are extremely excited to join the loanDepot team,” said Thomsen. “Our goal was to position Mortgage Master so we could continue offering the best programs at the best prices, while delivering more innovative products, marketing services and technology resources for our employees to ensure best-in-class services to borrowers. This partnership empowers us to do this while creating substantial growth opportunity for the Mortgage Master brand. We are looking forward to working alongside the great leadership throughout loanDepot and working towards a shared vision on the future of the business. This is the most excited I’ve been about our Company in a very long time!”
The transaction between loanDepot, LLC and Mortgage Master, Inc. is expected to close in early 2015 subject to regulatory approvals.