Draper and Kramer Mortgage Corp., a subsidiary of Chicago’s Draper and Kramer Holding, will be acquired by New American Funding (NAF). 

The acquisition, announced this week by Southern California-based NAF, will allow the company to expand its presence in the Midwest and East Coast, where Draper and Kramer has a well-established presence. Terms of the deal were not disclosed.

“We are thrilled to welcome Draper and Kramer’s mortgage division to NAF,” New American Funding Co-Founder and CEO Rick Arvielo said in a news release. “Their reputation as one of the best mortgage companies in the nation aligns perfectly with our mission to provide top-notch service to our clients. This acquisition is a testament to our focus on growth while helping our customers achieve their dreams.”

The acquisition will bring most of Draper and Kramer’s loan originators and operations and support staff to NAF, the company said.

Founded in 1893, Draper and Kramer has a long-standing reputation for excellence in the mortgage industry and holds the country’s oldest active Federal Housing Administration license. The company’s dedication to customer satisfaction and ethical business practices aligns with New American Funding’s values and mission, the news release said.

Draper and Kramer Mortgage Corp. will be rebranded as New American Funding. The transition of employees began Feb. 1.

“As a company, we are always looking for ways to expand and improve our services,” Arvielo said. “This strategic move will allow us to expand our footprint and better serve clients in the Midwest and East Coast regions. We are also excited to welcome the talented loan originators and support staff from Draper and Kramer, who will bring a wealth of knowledge and experience to our team.”