Opteum Buys Baytree Assets

Opteum Financial Services LLC, a mortgage lender based in Paramus, N.J., has announced the acquisition of certain assets of Baytree Lending Co., a wholly owned subsidiary of Baytree National Bank and Trust Co. based in Oakbrook Terrace, Ill.The terms of the deal were not disclosed. Opteum said the acquisition is part of the company's strategic plan to expand its wholesale presence in the Midwest and to service the area's mortgage brokers. "Opteum acquired these assets because of Baytree Lending's outstanding track record of success in the Great Lakes states, complementary alt-A product portfolio, and seasoned staff of dedicated professionals," said Rick Floyd, Opteum's executive vice president and national production manager. Joseph Amoroso, senior vice president of Opteum's Wholesale Eastern Region, will oversee the new Oakbrook Terrace sales and operations center. The purchase was facilitated by Classic Strategies Group, a New York-based consulting firm.