Amresco Inc., Dallas, has announced the closing of its acquisition of Mortgage Investors Corp., St. Petersburg, Fla., and the renaming of one of its divisions.The purchase included an initial payment of 1.8 million shares of Amresco common stock and $2.6 million in cash, as well as a three-year earn-out to be paid in stock (82%) and cash (18%). MIC is the largest producer of VA streamlined refinanced loans, known as interest rate reduction refinance loans. Amresco said its existing Residential Mortgage Banking group has been renamed Home Equity Lending and that MIC now represents the Residential Mortgage Banking unit. Amresco's website address is http://www.amresco.com.
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