Due diligence firm American Mortgage Consultants Inc. (AMC) is acquiring certain personnel and the operations center of Des Moines, Iowa-based due diligence firm The Barrent Group.
The deal will give AMC a market presence in the Midwest and adds more than 50 residential mortgage professionals to its platform, the company says in a release.
AMC says it plans to hire up to 150 additional mortgage professionals within the next year to join its new office in Des Moines.
These individuals will support a variety of roles including securitization underwriting for loan types including non-qualified mortgages, jumbo, agency high balance, single family rental, fix-and-flip, and small balance commercial real estate, the company says.
The new location will also add to AMC’s capacity for the review of seasoned reperforming, nonperforming and performing assets.
Michael Franco, CEO of AMC, says the acquisition “advances our strategic growth priorities and allows us to establish a foothold in the Midwest.”
“Our clients should view this transaction, the planned hiring initiative for our new Des Moines office and our continued technological innovations as a reinforcement of our commitment to be a strategic partner in their respective businesses,” Franco says.
Richard Barrent, president of TBG, says the merger is “a good fit … as it will allow us to fulfill existing client commitments while also giving our employees the opportunity to join the leading provider of due diligence and other services to the residential mortgage industry.”