CPM Sells Wholesale Biz to Mortgage Store

TMSF Holdings, Los Angeles, has agreed to buy certain wholesale assets of Central Pacific Mortgage, Folsom, Calif., which is table funding about $180 million a month.No purchase price was disclosed. TMSF, the parent of The Mortgage Store, will purchase six wholesale branches, with locations in San Diego; Walnut Creek, Calif.; Phoenix; and two in Oregon. About 80 CPM staffers will join the acquiring company. Roughly 55% of CPM's wholesale fundings are alternative-A, with conforming and other products making up the balance. A retail/wholesale lender, Central Pacific Mortgage was founded in 1977. TMSF said it will create a new division, CPM Mortgage Services, to house its new unit. "TMSF will not assume any pre-closing loan repurchase obligations of CPM-Wholesale," TMSF said in a statement. The companies can be found online at http://www.tmsfholdings.com and http://www.centralpacificmortgage.com.