PSM Holdings Inc. (PSMH) has announced the acquisition of Des Moines, Iowa-based Iowa Mortgage Professionals Inc. According to the terms of the deal, Iowa Mortgage Professionals will be acquired by UCMC, a wholly-owned subsidiary of Prime Source Mortgage Inc., and its parent company, PSMH.
At the closing of the transaction, Iowa Mortgage Professionals Inc. shareholder Randy Stevens will receive common shares of PSMH. The closing of the transaction is subject to further negotiations and the execution of a definitive agreement between the parties. The closing is tentatively scheduled for Oct. 1, 2011.
"What a pleasure it is to be associated with such a high-quality operation like Iowa Mortgage Professionals," said Jeffrey R. Smith, president and chief executive officer of UCMC and vice president of PSMH. "Randy Stevens and his entire team will bring tremendous value to our organization. We look forward to a long and mutually beneficial relationship."