HomeBridge to Purchase Prospect Mortgage
HomeBridge Financial Services Inc. has agreed to purchase the operating assets of Prospect Mortgage, in a deal that will grow its retail branch operation by approximately 150%. Financial details were not disclosed.
The combination will have approximately 250 retail offices with over 900 originators. Currently Iselin, N.J.-based HomeBridge has 100 retail offices.
Prospect's chairman and CEO, Michael Williams, a former Fannie Mae president and CEO, will become an advisor to HomeBridge. Doug Long, Prospect's president of national lending, will become an executive vice president with HomeBridge. He will manage the existing Prospect branch operations that are moving to HomeBridge.
Prospect Mortgage has 16 loan officers on the 2016 National Mortgage News top 300 list, including Brian Minkow, the second most prolific originator. HomeBridge has six loan officers on the list.
HomeBridge will continue to operate its two wholesale origination units.
With the purchase of Prospect, "our access to capital will improve, impacting our funding capabilities and our ability to increase our presence in existing and new markets," HomeBridge CEO Peter Norden said in a press release.
Last November, Prospect was fined $10.1 million by the California Department of Business Oversight over settlement service fee overcharges.