MVB Mortgage says its Potomac Mortgage Group Inc. subsidiary has entered into an agreement with Intercoastal Mortgage Co. (ICMC) to form one of the largest independently owned residential mortgage lending operations in the Mid-Atlantic region: Intercoastal Mortgage LLC.
“Timing is everything with the 10-year treasury at a near all-time low, and this unique opportunity with Intercoastal Mortgage allows us to take a smaller piece of a much larger pie for greater returns for the short and long term,” says Larry F. Mazza, CEO and president of MVB Financial Corp.
Upon completion of the transaction, Ed Dean, CEO of MVB Mortgage, and Peter Cameron, president of MVB Mortgage, will become the CEO and president, respectively, of Intercoastal Mortgage LLC. Tom Pyne, COO of ICMC, will become COO of the combined entity.
“MVB Mortgage and ICMC have been ownership partners of Lenderworks – a shared services platform created in 2011 – since 2013. We both saw record volume in 2019 and are experiencing record volume right now,” says Dean. “We are highly compatible in our philosophies, our technologies and the management of our lending practices. In a market where scale is of the utmost importance, we feel this transaction positions us to achieve significant growth in the coming years.”
The deal is expected to close upon receipt of regulatory approvals.
Photo: Larry F. Mazza