Prospect Mortgage LLC has announced the acquisition of certain assets of the retail mortgage branch operations of Excel Mortgage Servicing Inc. d/b/a Impac Mortgage in four Western states. The acquisition should add approximately 40 loan officers to Prospect's origination platform across 12 branches in California, Washington, Oregon and Idaho.
"This strategic acquisition will increase our local footprint in several key markets and strengthen our ability to serve homebuyers and real estate agents," said Prospect Mortgage President of National Lending Doug Long. "It will allow us to extend our successful purchase-loan strategy and gain local market share."
Included in the acquisition are portions of Impac Mortgage's Operations team, including the hiring of approximately 15 operations personnel in Washington, Oregon, Idaho and California.
"We are seeing an increase in acquisition opportunities from independent mortgage bankers and brokers as 2014 begins," said Long. "As we continue to explore future acquisitions, we believe that our purchase-focused strategy along with our marketing capabilities, loan processing infrastructure and loan officer-centric resources will prove to be attractive in an operating environment in the mortgage industry that has become more complex."