Horsham-based Finance of America Mortgage is adding more than 1,000 brokers to its network with the $40 million acquisition of Parkside Lending‘s third-party origination channel, writes Jeff Blumenthal for the Philadelphia Business Journal.
The deal creates little customer overlap to FAM’s third-party origination coverage and puts the mortgage lender on the road to becoming one of the top-five performers in this segment.
The acquisition is expected to close in the second quarter.
FAM is a subsidiary of Texas-based Finance of America, a diversified lending platform that also has divisions for reverse mortgages and loans to residential real estate investors. These are distributed across the retail, third-party network, and digital channels.
According to Bill Dallas, president of FAM, the third-party origination business is part of the long-term growth strategy for the company.
“We’re excited about the enhanced scale this transaction provides. It will materially increase our production volume. It will enable us to distribute a larger number of proprietary products in the future, propelling continued growth,” said Dallas.
FAM has over 200 branches in 34 states, including locations in Conshohocken, Horsham, and Wayne.
Read more about Finance of America Mortgage brokers in the Philadelphia Business Journal.