Direct Finance Corp., based in Hanover, Mass., has acquired First Call Mortgage Co. Inc. of Andover, Mass. The transaction was an asset purchase, and the terms of the private acquisition were not disclosed. The acquisition creates one of the region's largest mortgage companies and the largest reverse mortgage company in New England.
‘This is a significant event for Direct Finance Corp. and reflects my continued confidence in the mortgage industry in spite of these difficult times," says Alain Valles, president of Direct Finance and current president of the Massachusetts Mortgage Association.
Direct Finance will absorb the loan officers and support staff of First Call Mortgage, retaining approximately 40 people. The former First Call Mortgage president will have no ownership of Direct Finance Corp.
SOURCE: Direct Finance Corp.