United Financial Mortgage Corp., Oak Brook, Ill., has announced an agreement to acquire the eight prime wholesale production offices of Dallas-based AmPro Mortgage Corp. as well as AmPro's Phoenix operations center.The terms of the proposed transaction were not disclosed. UFMC said it expects the acquisition to contribute $2.4 billion to $3.0 billion in additional annual originations, which would represent a 90%-112% increase from its fiscal 2005 origination total. Steve Khoshabe, UFMC's president and chief executive officer, termed the agreement a "significant development for our company" that contributes to its "accretive acquisition" strategy. "This acquisition will give us a significant presence in states where we currently have no infrastructure, including Arizona, Colorado, and Texas, and will add scale in other markets where we currently operate, such as Florida and Georgia, and will solidify our already strong presence in California," Mr. Khoshabe said. The company can be found online at http://www.ufmc.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry