First Guaranty Mortgage Corp. in Tysons Corner, Va., has purchased consumer-direct lender goodmortgage.com.
First Guaranty would not disclose how much it paid for the Charlotte, N.C.-based online lender. The deal closed May 2, according to Ken Jones, First Guaranty's executive vice president of consumer and warehouse lending.
All goodmortgage.com employees were offered to become First Guaranty employees following the deal. The online lender will operate as a separate division of First Guaranty, with Keith Luedeman, goodmortgage.com's former chief executive and founder, serving as the segment's managing director.
Jones told National Mortgage News that First Guaranty purchased goodmortgage.com as part of its strategy to tackle the shift toward online origination.
"In today's ever-changing mortgage market you have to have various delivery channels to reach the customer," Jones said. "The goodmortgage.com brand has demonstrated an ability to attract consumers online digitally. We're going to continue to build on that brand, while continuing business as usual in the other First Guaranty channels."
First Guaranty plans to expand goodmortgage.com beyond its current footprint, which includes 18 states and the District of Columbia, Jones noted. Goodmortgage.com is currently a Fannie Mae- and Ginnie Mae-approved seller and servicer, and Jones said that the lender will continue to offer those products moving forward.
