Carrington Mortgage Services (CMS) has purchased certain assets of American Home Equity (AHE), a California-based mortgage lender, to expand its mortgage origination business.
The acquisition will allow CMS to grow its existing origination platform through the addition of AHE assets and key personnel. It will provide CMS a foundation to launch wholesale lending.
AHE originated over $1bn for the past two years, offering a wide range of loan programs, supported by technology and quality customer service – characteristics aligned with CMS’ current origination business model.
CMS executive vice president of mortgage lending Steve Patton said this addition will provide Carrington with an immediate proven foundation to launch their Wholesale Origination model on a nationwide basis.