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Hometown Lenders Acquires TotalChoice Mortgage Division
Wednesday 05 December 2018

5 December 2018 - US-based mortgage lender Hometown Lenders, Inc has acquired the TotalChoice Mortgage Division, led by Michael Farrell, divisional manager, the company said.

The key decision to transition from a small, regional holding company to a larger company with a strong, National footprint was a strategic move for TotalChoice Mortgage Division.

For Hometown Lenders, the verdict to acquire TotalChoice Mortgage Division was made easy, as it properly aligned with its goal of reaching USD 5bn in annual mortgage origination volume.

In the upcoming months, TotalChoice Mortgage Division plans on adding production offices in North Carolina, Pennsylvania and Florida.

These additions alone will increase the 2018 annual projected loan origination volume by USD 240m.

As a fully-integrated, multi-channel mortgage lender, Hometown Lenders drives consumer acquisition by leveraging technology; while providing a traditional customer service experience through its brick and mortar locations.

Another key aspect of the acquisition was Hometown Lenders ability to assume TotalChoice Mortgage Division's existing marketing technology.

These technologies include the ability start and complete the entire loan process through a mobile app, which allows efficiencies and transparent communication for its borrowers and Realtor relations.

Hometown Lenders, Inc. maintains 37 active state licenses to originate residential refinance and home purchase loans.

The company size is approximately 400 employees and focuses on driving a culture of customer-centricity throughout every phase of the mortgage process.
Details
Date Published: 05/12/2018
Target: TotalChoice Mortgage Division
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing:
Status: Closed
Vendor:
Buyer: Hometown Lenders, Inc
Comment:
Terms of the deal were not disclosed

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