University Lending Corp, based in Clinton Township, Michigan, announced this week is has acquired assets from Huron Valley Financial, including the company’s reverse mortgage division and its 52 employees.
Through the acquisition of the Ann-Arbor-based reverse mortgage division, 1st Nations Reverse, the company becomes a top 30 reverse mortgage lender by volume, based on its originations in 2018.
University Lending is adding 26 retail residential loan officers, 270 wholesale clients and 52 employees from the Huron Valley team, bringing the company total to more than 440 employees, according to a company press release. 1st Nations reverse operates both retail and wholesale divisions.
“We see this alliance and association as bringing together two very skilled teams with similar cultures. Both of our firms are focused on providing top rated customer service to consumers and specialize in working with sources of influence including Financial Advisors, CPAs, Lawyers and other professionals to provide professional mortgage services to their clients,” said Stephen Lange Ranzini, President and CEO of University Bank.
Huron Valley first launched a reverse-specific division in October 2016 under the leadership of industry veteran Mike Gruley, formerly of 1st Financial Reverse Mortgages.
In June 2017, the company acquired the reverse mortgage operations of Home Point Financial, bringing Home Point’s team of nearly 40 reverse mortgage professionals to the company.
As of January 1st Nations had closed 203 loans in the previous 12 months, according to data compiled by Reverse Market Insight.