Flagstar Bancorp Inc. reports that it has closed its previously announced acquisition of certain assets of Opes Advisors Inc., a retail mortgage originator and wealth advisory firm headquartered in Cupertino, Calif.
Terms of the deal, which was announced in early April, were not disclosed.
The deal allows Flagstar to expand its retail mortgage origination business and significantly increase its access to high-quality purchase mortgage originations. It follows Flagstar’s recent acquisition of the delegated lending business of Stearns Lending, which will enable the bank to expand its market share in the correspondent channel.
In a statement, Alessandro P. DiNello, Flagstar’s president and CEO, says the acquisition of certain assets of Opes Advisors “is good news for both companies.”
“Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country,” DiNello says. “And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers.”