Irvine, Calif.-based non-bank lender loanDepot LLC will acquire Danvers-based Mortgage Master Inc., the firms announced in a release Thursday. Terms of the deal were undisclosed.
Combined, the two companies issued more than $1.75 billion in loan volume in October. Upon closing, the combined company will operate 130 retail lending branches across the country, four web production centers, and employ 3,700 full-time associates including more than 1,200 licensed loan officers serving borrowers in all 50 states. The transaction is expected to close in early 2015, subject to regulatory approvals.
The combined company will maintain and operate the loanDepot.com, imortgage and Mortgage Master consumer brands.
"By welcoming our colleagues at Mortgage Master to loanDepot, we are creating a very powerful and exciting opportunity for the organization, consumers, and our employees," Anthony Hsieh, chairman and CEO of loanDepot, said in a statement.
As part of the agreement, Mortgage Master’s Founder and CEO Leif Thomsen and President Paul Anastos will continue to lead the Mortgage Master brand.
"We are extremely excited to join the loanDepot team," Thomsen said in a statement. "Our goal was to position Mortgage Master so we could continue offering the best programs at the best prices, while delivering more innovative products, marketing services and technology resources for our employees. This is the most excited I’ve been about our company in a very long time!"
Established in 1988, Mortgage Master is one of the largest independent non-bank retail lenders in the northeast, operating 44 branches in 14 states.
