AmeriSave Mortgage Corp., a national fintech lender, has acquired the originations business of TMS, a national fintech and mortgage company.
Terms of the deal, which is expected to close in the first quarter, were not divulged.
TMS offered up the originations division so it could focus on its servicing, subservicing and correspondent channels.
Employees associated with the originations division will shift over to AmeriSave once the deal closes.
As part of the deal, AmeriSave will assume TMS’ offices in Plano, Texas and Chandler, Ariz.
The originations division is expected to originate $1.5 billion in mortgage loans in 2019.
Darius Mirshahzadeh, CEO of TMS, says the deal is “a perfect fit.”
“AmeriSave brings years of delivering a truly exceptional, tech-forward experience to homeowners during originations as we do at TMS in servicing customers for the life of the loan,” Mirshahzadeh says in a release. “We feel good knowing that they will take great care of our customers and our people while we double down on being the world’s best servicer.”
“We are excited to welcome the TMS originations team and business to AmeriSave,” adds Mike Berte, president of AmeriSave. “While we had a strong 2018, this acquisition kickstarts 2019, allowing us to expand our market share, add talented mortgage professionals in two terrific markets, and help more people realize the dream of homeownership.”
TMS, which has an award-winning borrower platform called SIME – Servicing Intelligence Made Easy, will now focus on its subservicing and correspondent lines of business, as well as enhancing its technology.
“We are widely recognized as having the most advanced subservicing technology platform in the business,” Mirshahzadeh says. “Transitioning originations to a pro like AmeriSave makes perfect business sense.”
