Flagstar to buy West Coast mortgage lender

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Flagstar Bancorp in Troy, Mich., has agreed to buy certain assets of the mortgage lender Opes Advisors in Cupertino, Calif.

The $14.1 billion-asset Flagstar said in a press release late Monday that it expects to complete the purchase in the next 30 days. It did not disclose the price of the deal.

Opes’ mortgage banking business has 39 locations in California, Oregon and Washington. Last year the company’s 160 mortgage advisers produced about $3 billion in mostly purchase originations.

Opes also has a wealth advisory arm that has about $325 million in assets under management.

Flagstar will operate Opes as a separate division with its own brand.

Opes is “a strong fit with our strategic goal of growing our retail mortgage business and a good fit culturally,” Alessandro DiNello, Flagstar's president and CEO, said in the release. “We like the deep mortgage experience of their management team. We like their strong purchase mortgage origination focus and we like their long track record of success.”

Keefe, Bruyette & Woods and Sheppard, Mullin, Richter & Hampton advised Opes. BuckleySandler advised Flagstar.

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