Movement buys Platinum Mortgage's Alabama retail operation
Movement Mortgage purchased two retail branches from Huntsville, Ala.-based Platinum Mortgage just weeks after the latter company sold its wholesale business.
The terms of the transaction, which closed on May 1, were not disclosed.
With this purchase of Platinum branches in Huntsville and Decatur, Ala., Movement adds $300 million in annual production.
"We're honored to welcome the Platinum Mortgage team to the Movement family," said CEO Casey Crawford in a press release Friday. "We know they've built a reputation of excellent service and community involvement, and we're excited to amplify and extend that legacy as part of the Movement team."
Platinum had 90 employees in four locations before the sale of its retail and wholesale operations, according to the company's website. It entered business in 1996 and became a correspondent lender in 2005.
Movement, of Indian Land, S.C., now has seven retail offices in Alabama, spread across Huntsville, Birmingham and the Gulf Coast area, a company spokesman said.
The purchase of Platinum's branches is Movement's second acquisition of a retail network this year. In January, Movement bought Eagle Home Mortgage from Lennar. Movement picked up 35 branches and 230 loan officers along with $1.5 billion in annual production through that transaction. Lennar is retaining a separate in-house mortgage unit it has.
Movement now has 650 branch offices, three national sales support centers and more than 3,500 employees.
Platinum sold its wholesale mortgage production operation to Home Point Financial of Ann Arbor, Mich., on April 15.
Platinum's wholesale account executives and an operations group based in Madison, Ala., joined Home Point in the transaction.
"Platinum has built a strong wholesale lending footprint focused on the customer experience. We are excited about the opportunity to integrate the Platinum team into Home Point's rapidly growing wholesale business," Willie Newman, Home Point president and CEO, said in a press release issued at the time of the acquisition.
Among Home Point's previous acquisitions was the purchase of Stonegate Mortgage in 2017.
Platinum was licensed in 20 states and the District of Columbia, according to the Nationwide Multistate Licensing System.
Stratmor Group served as an adviser in both transactions.