Encompass Lending Group, a unit of Fathom Holdings, has acquired Elite Financing Group of Austin, Texas,
Elite Financing will operate under "the umbrella" of Encompass Lending. While Encompass Lending does not have any Austin area offices, both entities have offices in the Dallas-Fort Worth market. Encompass has three locations in that market, with one more opening soon.
"We believe Encompass is a perfect fit for our team during this dynamic moment in the real estate industry," Joshua Bibler, principal of Elite Financing, said in Fathom's press release. "For 18 years we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service and we look forward to continuing to provide quality, personalized service that best meets homeowner's needs."
During times of diminished origination volume and lower financial returns, smaller mortgage companies have been known to seek new parent companies. Among recent buyers in multiple transactions were American Pacific Mortgage, AnnieMac, Guild Mortgage and Mr. Cooper.
Even as industry financials improved in the second quarter,
Encompass Lending is headquartered in the Houston suburb of Katy and has a presence in 41 states and the District of Columbia. Production information for either company was not released.
Fathom Holdings other brands include Fathom Realty, Dagley Insurance, Intelliagent, LiveBy, Real Results
"Joshua Bibler, Jorge Aldrete and their team share our mission and bring a local market expertise to Encompass Lending which should help strengthen our mortgage business in Texas and ultimately enhance our offerings and support our growth," said Joshua Harley. CEO of Cary, North Carolina-based Fathom Holdings. "With Elite Financing Group's current book of business and their local relationships, we have the potential of nearly doubling our mortgage closings nationwide over the next year."
