PSM Holdings Inc., Roswell, N.M., has agreed to buy Iowa Mortgage Professionals Inc., a banker/broker based in Des Moines, Iowa.
Randy Stevens, the owner of Iowa Mortgage Professionals will receive an undisclosed amount of PSM Holdings common stock. The amount is subject to further negotiations and the signing of a definitive agreement.
The transaction should close on Oct. 1. Afterwards, Iowa Mortgage Professionals will become a part of PSM subsidiary United Community Mortgage Corp.
Earlier this month, PSM acquired Fidelity Mortgage Co., Grand Junction, Colo. for 1.8 million shares of stock. The Grand Junction offices will serve as the regional corporate offices and lending center for PSM.
PSM's common stock is thinly traded on the over-the-counter bulletin board; it is at $0.69 per share as of mid-morning Thursday.
