Skip to main content

PSM Holdings to Merge With United Community Mortgage

Mar 14, 2011

PSM Holdings Inc. (PSMH), has entered into an agreement to merge with United Community Mortgage Corporation (UCMC). At the closing, UCMC will become a wholly-owned subsidiary of PSMH and become the company's New York and New Jersey branch. The closing of the transaction is scheduled for March 15, 2011, and is subject to certain conditions, including no material changes in the business or financial condition of the entities. "We are thrilled about this acquisition. The addition of Edward Kenmure and UCMC, which is a full-eagle mortgage banking company, will create the foundation for the future growth of our company," said Ron Hanna, president and chief executive officer of PSMH. "In addition, we are looking forward to moving into the New York and New Jersey marketplace." Edward Kenmure, who will sit on the board of directors of PSMH, said, "I am very pleased to announce my association with PSMI and PSMH. I believe joining a larger mortgage banking network, and the public nature of PSMH, will greatly enhance my mortgage business, and I look forward to our long-term relationship."
About the author
Published
Mar 14, 2011
More from
Reverse
CMG Financial Boosts Its Reverse Division With New Leader

Kari Van Kleef joining a growing team of reverse mortgage professionals

Sep 06, 2024
Norcom's Former Reverse Mortgage Team Joins Supreme Lending

Having brokered-out reverse loans historically, the move adds a new channel to the Texas-based lender's offerings.

May 14, 2024
Rising Rates Reduce Reverse Mortgage Payouts

High rates also reduce how much one can borrow against their home equity, AARP reports.

Apr 12, 2024
CFPB Issues Warnings On Reverse Mortgage Marketing

Says it is working with state regulators to ensure fairness in advertising and teach consumers where to go for help.

Aug 15, 2023
Movement Mortgage Expands Into Reverse Mortgage

South Carolina mortgage company hires industry vet to run the operation

Aug 02, 2023
PHH Mortgage Signs Subservicing Deal With Finance of America Reverse

PHH, a subsidiary of Ocwen Financial, says deal offers opportunity to grow its reverse subservicing portfolio.

May 05, 2023