Anaheim, California-based Carrington Holding Company announced it has acquired Reliance First Capital LLC from Tiptree Inc.
Founded in 2008 and headquartered in Melville, New York, Reliance operates a direct-to-consumer mortgage origination platform that serves a nationwide consumer base. The company has 315 employees and originates approximately $1 billion in mortgages annually across FHA, VA, USDA, agency, non-agency/non-QM and second-lien products. Reliance also has a servicing portfolio of more than 16,000 customers and $3 billion in unpaid principal balance, which will move onto Carrington’s platform once the transaction closes.
Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions.
The financial terms of the acquisition were not disclosed. Tiptree acquired Reliance in November 2014.
“Together with our existing retail recapture, wholesale and correspondent businesses, our agreement to acquire Reliance First Capital looks to add a direct-to-consumer channel, making our mortgage platform more balanced, more competitive and more resilient,” said Andrew Taffet, CEO of The Carrington Companies.
“At Reliance First Capital, we look forward to joining the Carrington platform,” said Hugh Miller, president and CEO of Reliance First Capital. “Carrington’s broad mix of businesses will help us to continue to grow and execute our mission to help homeowners and prospective homeowners receive the right mortgage for their personal financial goals.”
