Home Mortgage Van de Unie acquires assets from Sierra Pacific mortgage
Housingwire reached for both companies for comment, but did not immediately receive a response.
The Sierra Pacific team has been created in the past 12 months, with a portfolio weighed in the direction of conventional loans (63%) and purchase transactions (61.5%) Fashionx. For comparison: UHM produced $ 5.5 billion in the same period, also concentrated in conventional (61.3%) and purchase loans (63.2%).
The deal also expands the geographical reach of UHM. Sierra Pacific brings stronger footprints in California, Kansas and Tennessee, while the core markets of UHM in Ohio, Michigan, Texas and Florida remain. License data show Sierra Pacific with 149 sponsored loan officials in 42 active branches, compared to the 834 loose and 217 branches of UHM.
A source told Housingwire that the deal led to the elimination of the entire department after closing Sierra Pacific. It was announced on Tuesday morning in a four -minute call, led by President and CEO Jim Coffrini, and it was described as “fast and with little information”. Coffrini founded the company in 1986.
Managers said that the reason for the sale was that “to be a player in the current mortgage world, you must be larger than we do,” the source said.
Sierra is active in the retail, wholesale and maintenance channels, but it is currently not clear whether the three companies will be sold in the deal. At the beginning of May the company offered a $ 5.2 billion service package, Housingwire reported earlier. The loans includes supported by Fannie Mae” Freddie Mac And Ginnie MaeWith complete statements and guarantees.
Industry -veteran Rick Roque, who came to Sierra in April 2024, but left four months later to become a member NFM Lendingsaid that Sierra is an ‘inheritance company’, fundamentally in the mortgage company for their growth in wholesalers and their maintenance book.
“But they had structural weaknesses in the growing retail, which limited their ability to renovate higher margin opportunities compared to wholesalers,” said Roque. “With margins so tight in wholesalers, it makes sense that they would sell, something that I proposed there in my term of office.”
