MERGERS & ACQUISITIONS
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Santa Ana-based Carrington Mortgage expands
Through an asset purchase of American Home Equity, the finance firm bolsters its mortgage-origination services.
by derek larsonPublished: August 11, 2011 08:30 AM
Carrington Mortgage Services, a specialty finance company located in Santa Ana, completed an asset purchase of Irvine-based mortgage lender American Home Equity Corp. (AHE), which will provide Carrington with a base to start a wholesale-origination channel.
Wholesale origination involves the purchase of loans from banks, mortgage brokers, mortgage bankers and a number of other "orginators."
Along with AHE assets, Carrington will employ former personnel, including Alan Pott, AHE’s president. Pott has worked for more than 20 years in the loan-origination industry and heads a staff of some 40 wholesale-lending specialists.
“We are very pleased to have these experienced professionals join the Carrington family of companies,” said Bruce Rose, chief executive officer of Carrington Holding Company.
AHE originated over $1 billion in the last two years, offering a wide range of loan programs that are supported by a business model aligned with Carrington’s current practices, according to Carrington reps.
“This addition will provide Carrington with an immediate and proven foundation to launch our wholesale-origination model on a nationwide basis,” said Steve Patton, executive vice president of mortgage lending at Carrington.
Carrington Mortgage Services operates more than 80 local offices in 37 states throughout the U.S.
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Wholesale origination involves the purchase of loans from banks, mortgage brokers, mortgage bankers and a number of other "orginators." Along with AHE assets, Carrington will employ former personnel, including Alan Pott, AHE’s president. Pott has worked for more than 20 years in the loan-origination industry and heads a staff of some 40 wholesale-lending specialists. “We are very pleased to have these experienced professionals join the Carrington family of companies,” said Bruce Rose, chief executive officer of Carrington Holding Company. AHE originated over $1 billion in the last two years, offering a wide range of loan programs that are supported by a business model aligned with Carrington’s current practices, according to Carrington reps. “This addition will provide Carrington with an immediate and proven foundation to launch our wholesale-origination model on a nationwide basis,” said Steve Patton, executive vice president of mortgage lending at Carrington. Carrington Mortgage Services operates more than 80 local offices in 37 states throughout the U.S. Related stories: ChinaTel inks $640 million in equity investments OC METRO's Best Companies to Work For: Investors Mortgage Asset Recovery Co. Irvine’s Visiogen sees $40 million in equity financing Tustin-based Sunwest Bank now offering mortgage home loans |
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