PSM Holdings, Roswell, N.M., has signed a letter of intent to acquire Brookside Mortgage LLC, a mortgage banker/broker based in Tulsa, Okla.
This is the company's third acquisition this year, following deals to acquire United Community Mortgage Corp., a Federal Housing Administration-approved mortgage banker in New York and New Jersey, and American Trust Mortgage Inc., a mortgage broker in the Boston area.
UCMC, which is now a subsidiary of PrimeSource Mortgage Inc., is the vehicle being used to acquire Brookside Mortgage. A statement said Brookside's two major shareholders would be receiving PSMH common stock.
According to the company, the deal expands its national retail footprint. Closing is subject to further negotiations and the signing of a definitive agreement, but is expected to take place on June 1.
