South Carolina-based Movement Mortgage has expanded its Massachusetts presence by acquiring North Andover-based brokerage Superior Rate Mortgage of New England LLC.
Founded in 2014, Superior Rate Mortgage had $412 million in sales in the past year, Movement Mortgage said in a statement on its website this week. Terms of the deal were not disclosed.
Superior Rate Mortgage’s leader, Matt Rasetta, has joined Movement Mortgage as a market leader. The company’s 48 employees have also joined Movement Mortgage.
“I am thrilled to welcome Matt and the entire Superior Rate Mortgage team to our Movement family,” Mortgage Movement’s New England regional director Ian Aubourg said in the statement. “Matt brings infectious energy, a caring heart for the community, and a servant leadership perspective that aligns perfectly with the foundational elements of Movement. The entire SRM team has shown that same energy and an impressive commitment to excellence in their service and process. We look forward to many years of meteoric success with Matt and his passionate and talented loan officers, support staff and leaders.”
Before acquiring Superior Rate Mortgage, Movement Mortgage saw its purchase activity in Massachusetts increase year-over-year during the first half of 2022 by 29 percent, while purchase volumes increased by 54 percent, according to The Warren Group, publisher of Banker & Tradesman. Movement Mortgage had about 520 purchase loans in Massachusetts between January and June 2022 for $200 million.
“Movement Mortgage offers us the opportunity to partner with a company that provides a breadth of loan options that aren’t available in the broker community,” Rasetta said in the statement. “The competitive products and pricing, plus unparalleled operational speed and support, were key components of our attraction to Movement. The opportunity to join a company that shares our values made this a clear and easy choice.”
Movement Mortgage had 200 employees based in New England before the acquisition and had annual volumes in the region of about $1.6 billion. The company first entered the New England market in Rhode Island, where Movement Mortgage has been the top purchase lender each year since 2019, according to The Warren Group.