Prospect Mortgage reports that it has completed its acquisition of Excel Mortgage Servicing Inc.'s (dba Impac Mortgage) retail locations in four Western states.
As per the deal, Prospect Mortgage will retain about 40 loan officers who formerly worked for Impac Mortgage. These loan officers will be spread across 12 branches in California, Washington, Oregon and Idaho.
‘This strategic acquisition will increase our local footprint in several key markets and strengthen our ability to serve homebuyers and real estate agents,’ says Doug Long, president of national lending for Prospect Mortgage, in a release. ‘It will allow us to extend our successful purchase-loan strategy and gain local market share.’
Included in the acquisition are portions of Impac Mortgage's operations team, including the hiring of approximately 15 operations staff.
‘We are seeing an increase in acquisition opportunities from independent mortgage bankers and brokers as 2014 begins,’ Long adds. ‘As we continue to explore future acquisitions, we believe that our purchase-focused strategy along with our marketing capabilities, loan processing infrastructure and loan officer-centric resources will prove to be attractive in an operating environment in the mortgage industry that has become more complex.’