Multi-channel lender Open Mortgage announced this week that it has acquired Premier Home Mortgage, a lender specializing in financing homes in rural areas of the United States.
The acquisition is expected to add $300 million in loan value to Open Mortgage, while also adding offices in the states of Iowa, Montana, South Dakota and Wyoming – markets previously unserved by Open Mortgage. Premier Home Mortgage will begin operating under the Open Mortgage within the year, a press release announcing the acquisition said.
“At Premier Home Mortgage, our owners, loan originators, and support team members whole-heartedly believe that our clients become part of our family,” said Russell Allgier, CEO of Premier Home Mortgage in the release. “In ‘doing our jobs’ we are helping our family members step into the next chapter of their lives. We believe that this commitment will only be stronger as part of Open Mortgage, while bringing new technology, a wider digital presence and cutting-edge products to our markets.”
Alger will become Regional Branch Manager at Open Mortgage, leading the South Dakota and Montana markets, the release said.
In terms of how this acquisition will affect Open Mortgage’s reverse mortgage operations, it will allow the company to expand its reverse offerings according to CEO and Founder Scott Gordon.
“The acquisition of Premier Home Mortgage allows us to take our reverse mortgage capabilities to new markets and to continue to deliver exceptional experiences to every customer and employee,” Gordon said in an emailed statement.
The more rural focus of Premier will also serve in a complementary capacity to the way that Open Mortgage has been positioning its business, Gordon said.
“Premier Home Mortgage’s strong culture and rural footprint complements what we’ve built at Open Mortgage,” Gordon said in the press release. “Together, we will continue to focus on delivering exceptional experiences to every customer and employee.”
Open Mortgage currently sits at number 11 on Reverse Market Insight’s Top 100 Lender ranking for 2019 so far, standing at 187 loans representing 1.7 percent of the total market share according to figures released in April.