Retail mortgage lender Guaranteed Rate will purchase the assets of FirsTrust Mortgage in Overland Park, Kan.
Mark McDougald, chief executive officer of FirsTrust, called the acquisition "a natural fit" for the mortgage banking company that offers loans in seven states. Terms of the transaction were not disclosed.
"Joining Guaranteed Rate…will allow our team the ability to spend less time on administrative tasks and even more time focusing on delivering the great service our clients and referral partners have come to expect," McDougald said in a press release.
Guaranteed Rate funded nearly $16 billion in mortgages last year. According to Origination News' 2013 Top Producers survey ranked by production volume, 22 of the top 50 loan officers were from Guaranteed Rate branches.
Guaranteed Rate has more than 170 offices nationwide and approximately 2,700 employees. The Chicago-based company originates loans in all 50 states and Washington, D.C.