The mortgage banking industry has been reconfigured with merger and acquisition news involving two pairs of prominent originators.
American Pacific Mortgage (APM) and Synergy One Lending announced a merger that the companies said would expand their national presence and increase production to approximately $14 billion in annual volume. Synergy One Lending CEO Steve Majerus will join APM as president while Aaron Nemec will remain the president of Synergy One Lending, which will become a division of APM.
“This marks a defining moment for APM,” said APM CEO Dustin Sheppard. “Synergy One has built an exceptional culture and leadership team that aligns naturally with who we are and where we’re headed. This move strengthens our platform, expands opportunity for our people, and accelerates our vision for the future of retail lending.”
Separately, Florida’s First Federal Bank and Illinois’ Mortgage Forward signed a definitive agreement for Mortgage Forward to acquire First Federal’s Third-Party Origination (TPO) division, including QRL Financial. Mortgage Forward is a credit union service organization in the Great Lakes Credit Union Family of Companies specializing in nationwide mortgage solutions.
“This acquisition strengthens Mortgage Forward’s commitment to delivering innovative mortgage options for TPO clients. We are excited to welcome the talented First Federal Bank team and build on their strong foundation for future growth,” said Chip Adkins, president of Mortgage Forward.
The financial terms of the two transactions were not disclosed.
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