The company will offer a range of mortgage financing options, including reverse mortgages.
Because the mortgage business in Connecticut has changed significantly over the last three years, the companies saw an opportunity to join forces for what they both hope and see as a promising future in the mortgage arena.
“It’s an excellent combination of good people and a way to take advantage of economies of scale,” said Timothy Rourke, President of BCI. “The staff at Constitution is exactly what we were looking for and their mix of business will complement the BCI business.”
Constitution President Kevin Luddy told the Connecticut Business Journal that mergers and acquisitions will be the vehicle for many mortgage broker firms to grow over the next few years. “With the growing compliance and licensing issues and the other positive changes, this really makes sense,” he said. “We firmly believe that this housing economy will recover and with new professionalism, due to the changes in licensing, BCI/Constitution will be well placed to take advantage of that rebound.”
Constitution isn’t involved in the reverse mortgage business, but BCI has a small footprint. According to data from the Department of Housing and Urban Development, BCI endorsed 53 HECM loans in 2009 and 19 HECMs year to date.