As per the agreement, Mid America will incorporate American Southwest’s operations into Mid America’s mortgage platform and secure an interest in its respective pipelines and select assets.
Further, Mid America will offer employment to loan production staff members from each organization, the company says in a press release.
Pending a signed agreement, the transfer of operations and assets should be completed by Dec. 1.
“Mid America’s commitment to delivering a faster, more efficient mortgage process via technology has put us in a unique position to partner with firms like American Southwest to revitalize and streamline their operations, which ultimately provides their customers with better service,” says Jeff Bode, owner and CEO of Mid America Mortgage. “As we make this transition, we do so with an eye toward minimizing disruption to American Southwest’s existing customers while also migrating its pipeline to our fully digitized origination and closing process.”
As part of the agreement, American Southwest will transition the pipelines of both entities to the Mortgage Machine platform, Mid America’s proprietary loan origination system (LOS), and begin executing e-closings and e-notes.
Further, American Southwest’s retail channels will have immediate access to Mid America’s recently announced digital mortgage approval and closing platform Click n’ Close.