Carrington Mortgage Services LLC (CMS), a national mortgage lender and servicer, has announced the expansion of its mortgage origination business through the purchase of certain assets of American Home Equity Corporation (AHE), an Irvine, Calif.-based mortgage lender. Established in 2001, AHE specialized in residential financing of agency, government, and non-conforming loan programs. The acquisition grows Carrington’s existing origination platform through the addition of AHE assets and key personnel.
Providing a sound foundation for launching the CMS wholesale origination channel, the expansion presents an opportunity to offer wholesale origination with the same high-touch service levels and credit quality as that of Carrington’s retail channel. AHE originated over $1billion in the last two years, offering a wide range of loan programs supported by state-of-the-art technology and quality customer service—characteristics aligned with Carrington’s current origination business model. AHE shares a similar business philosophy and commitment to quality with Carrington.
“The overall sales culture is a good fit with CMS and is based upon the delivery of a customer-centric value proposition,” said Steve Patton, executive vice president of mortgage lending at Carrington Mortgage Services LLC (CMS). “This addition will provide Carrington with an immediate proven foundation to launch our wholesale origination model on a nationwide basis.”
Key personnel joining Carrington include Alan Pott, president of American Home Equity Corporation (AHE), with more than 20 years of experience in the loan origination industry and a staff of 40 wholesale lending professionals.