Washington Mortgage Banker in 'Roll Up' with InterBank
NetMore America Inc., Walla Walla, Wash., a $700 million a year originator, has merged its operations into InterBank Mortgage Co., Northbrook, Ill., according to industry sources.
At press no time no official details were available, including the timing of the merger.
One official close to NetMore described the transaction as one where the company is being "rolled into" InterBank. NetMore president Mark Freedle has joined the combined company.
Both lenders did not return telephone calls about the matter.
In the third quarter NetMore, a nonbank, funded $171 million of residential loans, a majority of them through the wholesale channel, according to the Quarterly Data Report. It also originates through the retail channel. (No fourth quarter production figures were available.)
At last check NetMore had about 80 employees.