Carrington Holding Company is acquiring Reliance First Capital, a mortgage banking firm offering a wide range of programs, including FHA and VA loans, from Tiptree Inc., for an undisclosed sum.
The deal gives Carrington a direct-to-consumer retail channel, thus enabling it to create a more balanced, competitive and resilient mortgage platform, the mortgage lender says in a release.
For more than 22 years, Carrington and its affiliated companies have provided diverse products and services to homeowners and investors across nearly all aspects of single-family residential real estate transactions in the U.S.
“Together with our existing retail recapture, wholesale and correspondent businesses, our agreement to acquire Reliance First Capital looks to add a direct-to-consumer channel, making our mortgage platform more balanced, more competitive and more resilient,” says Andrew Taffet, CEO for the Carrington Companies, in the release.
Founded in 2008 and headquartered in Melville, N.Y., Reliance is a well-respected, fully integrated direct-to-consumer mortgage origination platform serving homeowners nationwide.
With 315 employees – including more than 150 loan officers and sales managers – in six call centers and a proprietary technology platform, Reliance originates approximately $1 billion in mortgages each year across FHA, VA, USDA, agency, non-agency/non-QM and second-lien products.
In addition, Reliance brings a servicing portfolio of more than 16,000 customers and $3 billion in unpaid principal balance, which will move onto Carrington’s platform once the transaction closes.
“At Reliance First Capital, we look forward to joining the Carrington platform,” says Hugh Miller, president and CEO for Reliance First Capital. “Carrington’s broad mix of businesses will help us to continue to grow and execute our mission to help homeowners and prospective homeowners receive the right mortgage for their personal financial goals.”
For more than 22 years, Carrington and its affiliated companies have provided diverse products and services to homeowners and investors across nearly all aspects of single-family residential real estate transactions in the U.S.
Photo: Edge2Edge Media