Universal American Mortgage Co., the mortgage banking subsidiary of Lennar Corp., one of the nation's largest homebuilders, has acquired certain assets of Colorado-based Pinnacle Mortgage Group.
The price of the acquisition deal was not disclosed.
Pinnacle is a licensed mortgage lender in seven Western states that runs retail branches in Southern California and Colorado. During the transition process Pinnacle will continue to do business under the Pinnacle Mortgage Group name until it becomes part of UAMC's Eagle Home Mortgage, the company said in a press release Tuesday.
The combined company will run 100 branch offices and will be licensed in 26 states.
"We're excited about the opportunity to grow our presence in California and Colorado through this acquisition," said Jimmy Timmons, president of UAMC.
Pinnacle and Eagle Home Mortgage's traditional retail mortgage operations serve new and resale homebuyers. As part of UAMC, which primarily focuses on financing for buyers of homes built by Lennar, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be an approved direct seller and servicer with Fannie Mae, Freddie Mac and the Government National Mortgage Association.
"Leveraging the vast resources of the Lennar family of companies will strengthen our value proposition and grow market share," said Todd Henderson, who founded Pinnacle with Brian Rindels. Both Henderson and Rindels will remain with the company.