Top Ranked Broker 1st Metro Being Sold to Dallas Group

1st Metropolitan Mortgage, Charlotte, N.C., once a top ranked loan brokerage and net branch operator, has struck a deal to merge with another lender and then become part of Hestia Financial of Dallas, industry sources confirmed to National Mortgage News. Daniel Jacobs, president of 1st Metropolitan, declined to comment. It was well known in the industry that the company was in the process of converting to a mortgage banking firm and linking up with a strong capital partner. A source noted that "a deal has definitely been signed." Little is known about Hestia Financial but a notice on a financial website for Texas companies notes that its business plan is "to combine mortgage brokers into a mortgage banking platform." Its CEO is Patrick McGeeney but there is no listing for the company in the Dallas phone book. Hestia notes that it has signed letters of intent with a mortgage banking firm, and at least one loan brokerage.