Gleacher & Company Inc. has announced that it has launched a residential mortgage banking initiative, having completed the previously announced acquisition of ClearPoint Funding Inc. through the company’s newly formed subsidiary, Descap Mortgage Funding LLC. ClearPoint Funding is a residential, non-depository mortgage lender currently based in Marlborough, Mass. and is currently licensed as an independent mortgage lender in 12 states and Washington, D.C. ClearPoint Funding is a U.S. Department of Housing & Urban Development (HUD) Direct Endorsed lender, and currently employs approximately 100 employees.
Mark Pappas, president of the new subsidiary, is responsible for overseeing Gleacher & Company’s interest in ClearPoint Funding and is based in the company’s New York City office. Greg O’Connor, the founder of ClearPoint Funding, is remaining with the company and will lead the overall operations effort of the mortgage lender.
“The acquisition of ClearPoint Funding will give us an initial platform from which to build and execute a national mortgage origination strategy,” said Pappas. “First on our list of initiatives is a significant geographic expansion through targeted recruitment of experienced mortgage staff. We also plan to be opportunistic in terms of potential growth through acquisitions. Our overall objectives are to build a company brand by providing personalized customer service, developing a culture of funding high quality loans and utilizing our management expertise to capture significant market share in regions we deem attractive.”
Robert Fine, head of Gleacher & Company’s mortgage-backed/asset-backed & rates group and chief executive officer of Descap Mortgage Funding, said, “Strategically, the acquisition of a mortgage bank to originate loans is a logical extension of our existing secondary mortgage and asset-backed business. The ClearPoint Funding platform will allow us to expand our product offerings to our customer base while maintaining a high degree of confidence with regard to the quality and integrity of the loans.”
Peter McNierney, chief executive officer of Gleacher & Company, said, “The ClearPoint Funding acquisition further expands our strong mortgage franchise and will benefit from leveraging our existing infrastructure. We are very excited about the prospects of our combined capabilities.”
For more information, visit www.gleacher.com.
