Union Home Mortgage to acquire Sierra Pacific assets

Union Home Mortgage is acquiring the origination assets of Sierra Pacific Mortgage, primarily the retail and wholesale production channels.

Financial terms of the transaction were not available.

The Strongsville, Ohio company headed by past Mortgage Bankers Association Chairman Bill Cosgrove has completed a number of acquisitions in recent years.

"We are excited to work with such a talented, well respected company and welcome them to partnership at Union Home Mortgage," Cosgrove said in an emailed statement confirming the transaction on Tuesday.

Sierra Pacific is based in Folsom, California; it was founded in 1986 by Jim Coffrini. "I started Sierra Pacific 40years ago, and have always been dedicated to our brokers and retail branches, and have made big investments in people and technology. I am delighted that legacy lives on with Bill and UHM," he said in a press release.

It's business as usual for the mortgage brokers who sell to Sierra Pacific, said Jon McCash, executive vice president of third-party origination sales, adding "We are excited for all the enhancements we have planned.".

The two companies are "a perfect fit geographically and culturally," Cosgrove added in the press release.

In March, Union Home bought Nations Reliable Lending of Houston. These two transactions combined make Union Home a top 15 lender, the company said. Amerifirst Home Mortgage of Kalamazoo, Michigan became part of the organization in December 2022.

Additionally, a team of 16 loan officers led by two former UMortgage managers, joined UHM's Cincinnati office this past July.

What other recent mortgage M&As are happening

It's been a rather active period for mortgage industry mergers, led by the Rocket-Mr. Cooper tie up; this follows the recently completed transaction that brought Redfin under the Detroit company's umbrella.

Also announced on Tuesday was Credit Union One's acquisition of Icon Mortgage. Credit Union One said it will retain Icon's staff and the senior executive team while operating the acquired company as a separate mortgage lending affiliate. Terms of the transaction were not disclosed. 

"By bringing in Icon Mortgage, we've added an amazingly talented team of proven mortgage professionals, said Gary Moody, CEO of Credit Union One, in a press release.

Icon Mortgage will be hiring "to meet anticipated demand" as a result of the acquisition, CEO Jeremy Hall said.

New Jersey-based Anniemac added two Sunshine State mortgage companies during a two-month period this summer, Florida Funding and Home Solution Lenders.

Meanwhile, Guild Holdings is being taken private through a merger with Bayview Asset Managers in a $1.3 billion transaction.

The company now known as Fairway Home Mortgage did its own deal in June when it acquired the assets of Hallmark Home Mortgage.

But one rather unique mortgage tie-up fell apart in July, when Beeline Financial sold its majority stake in what was once a publicly traded distillery, Bridgetown Spirits Corp. This transaction was announced in September 2024, but by July the pair went their separate ways. Beeline management said an expected improved mortgage environment in 2026 is why it decided to go it alone. But it remained as the publicly traded entity after it sold the stake in Bridgetown.

• Bonnie Sinnock contributed to this report