Inlanta Mortgage, Waukesha, Wis., has purchased the assets and hired the employees of American Foundations MortgageBanc through a strategic agreement.
Terms of the deal were not disclosed.
AFMB has one retail branch in Wisconsin and two in Illinois that will be rebranded as a result of the deal, Inlanta chief operating officer Jean Badciong told NMN. There are plans to consolidate two Illinois branches in one location. The deal provides the former AFMB employees with Federal Housing Administration delegated underwriting/direct endorsement and warehouse capacity they had lacked, Badciong said. She said the transition has been relatively smooth given similarities in the two companies’ technologies and conservative Midwest lending cultures.
Nicholas DelTorto, president of AFMB, has been named executive vice president at Inlanta and AFMB COO John L. Watry has been named chief financial officer at Inlanta. AFMB had close to 40 employees in total, all of which Inlanta hired.
