NFM Lending president and chief operating officer Bob Tyson shared this HousingWire that the transaction will allow NFM to expand its “reach and resources” as Homespire is “a much smaller organization.”
“They get access to all the bells and whistles of a larger organization – products, technology – that we can deliver for them,” Tyson said.
Homespire is led by President Michael Rappaport. Per RETR, it has 42 producing LOs across 10 offices and raised approximately $490 million last year, with more than half of that volume tied to conventional lending.
The majority of business comes from Maryland, Virginia and Florida, giving NFM greater exposure along the East Coast and an experienced management team.
“The deal is about synergies. They are also local, Michael has an excellent reputation and we welcome his leadership here,” Greg Sher, managing director at NFM, said in an interview. “One of the things we look forward to most every time we close a deal is to dive into their processes and extract nuggets to make NFM better.”
Headquartered in Gaithersburg, Homespire will operate as a division of NFM Homespire Home Loans and will remain under the leadership of Rappaport.
According to Tyson, NFM has made job offers to Homespire’s loan officers, processors, underwriters and closers, among others. Just like other brands under the NFM umbrella – inclusive Home loans on the main street, Bluprint Home Loans, Increase mortgage lending And Element Home Loans — Homespire will run its own team.
“As the mortgage industry evolves, Homespire must continue to evolve with it,” Rappaport said in a written statement. “This strategic partnership is a powerful step forward – one that strengthens what we’ve built, expands our capabilities and positions us to deliver even more value to our customers, while staying true to who we are.”
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