UMortgage seems to be on an acquisition spree. On Monday, the company revealed that it acquired Texas-based NXT Mortgage.
And earlier last week, news dropped that the Philadelphia-based mortgage company snagged a Motto Mortgage branch in Cincinnati. The two companies in total will bring close to 60 new employees to UMortgage.
Tyler Hodgson, CEO of NXT Mortgage will also transition to the company, and will serve as the company's president.
"Tyler Hodgson and the NXT team are fully aligned on our values and our focus on developing UMortgage to be the best platform for loan originators to grow their businesses," Anthony Casa, CEO of UMortgage wrote in a statement on his Linkedin. The details of both transactions were not disclosed.
Meanwhile, the Cleveland, Ohio-based Motto Mortgage franchise, headed by mortgage broker Breon Price, has been renamed to UMortgage Cincy.
Price announced the acquisition via his LinkedIn page last week, noting that he started the company from his condo "with the slowest internet imaginable" and that he put "everything [he] had into the company."
"For the last 3 years, I've been the number one broker in Ohio. By the end of this year, it'll be announced that my company was the number one brokerage for the second consecutive time," he said.
"I never thought I would sell, but I'm even more fired up to take it to UMortgage. We're partnering with UMortgage for many reasons, but the one that stands out the most is their winners mindset," Price wrote in a message on LinkedIn.
Before being acquired, Price's company was among the 200 offices open nationwide under Motto Mortgage franchising, a member of the RE/MAX Holdings, Inc. family of brands. Motto claims to have a "unique national franchise mortgage brokerage model" which is the "first of its kind."
UMortgage confirmed the acquisition.
"This is the first of many top loan originators and branch managers in Ohio that will be joining UMortgage over the next twelve months," Casa said in a written statement.
UMortgage also announced earlier in December that Todd Bitter would be joining their company as a chief sales officer. Bitter is a veteran in the mortgage industry with over 14 years of experience running his own brokerage shop called JKS Mortgage.
This is not the first mortgage brokerage to join UMortgage. In early January, UMortgage announced that a Michigan-based brokerage called Bally Team would be coming aboard.
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In December, Bally announced that he would be starting his own venture, separate from UMortgage.
Editor's note: This story has been updated to include details about the NXT Mortgage acquisition.
