Nonbank mortgage lender loanDepot reached an agreement to acquire Mortgage Master.
Terms of the transaction were not given in a Thursday press release. The combined company will maintain the loanDepot, imortgage and Mortgage Master consumer brands.
After the transaction closes early next year, loanDepot will operate 130 retail lending branches, four web production centers and employ 1,200 loan officers serving borrowers nationwide. Both companies’ retail loan funding volume in October totaled roughly $1.8 billion.
“The combined company will position us to accelerate our expansion in the northeast while continuing to build our national consumer lending businesses offering both mortgage and nonmortgage lending products,” said Anthony Hsieh, chairman and chief executive of loanDepot, in the release.
Leif Thomsen, founder and chief executive officer of Mortgage Master, along with president Paul Anastos, will continue to lead the company’s brand as a loanDepot subsidiary.
“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,” Thomsen said in the release. “This partnership empowers us to do this while creating substantial growth opportunity for the Mortgage Master brand.”
In September, loanDepot announced a strategic plan to redefine the consumer lending space by offering personal loans starting next year.