RPM Mortgage Inc. (RPM) has announced that it has acquired Regency Mortgage Corporation, a 14-branch private mortgage lender with operations in New Hampshire, Maine, Massachusetts, Vermont, and Florida. The Regency acquisition expands RPM’s regional footprint to the East Coast. RPM’s strength and stability will provide Regency loan originators with access to a larger menu of loan products, in addition to strong technology and compliance support. The combination of the two independent lenders will provide both RPM and Regency loan originators with attractive pricing options for their customers. In 2013 RPM funded $5.9 billion and Regency funded $505 million in residential home loans. Regency will continue to operate under its current brand and its operations will remain local.
“Higher compliance costs are an unfortunate reality of today’s mortgage lending environment," said RPM CEO Rob Hirt. "This creates a challenge for independent mortgage lenders to remain price-competitive and provide quality loan products. The combination of RPM and Regency will enable us to service our respective markets and provide the best possible loans for our customers. Regency is a natural fit for the RPM family, and we look forward to helping homeowners on both the East and West Coasts to meet their financial and real estate goals.”
Other similarities of the two independent lenders include the fact that they are both led by their founders. RPM is owned and operated by founders Rob and Tracey Hirt, and Regency is owned and operated by founders Quentin Keefe and Maureen Lemay. Keefe and Lemay will continue in their present positions.
“RPM believes as we do, that if you hire great people and create an environment that empowers and respects them, good things will follow," said Keefe. "RPM's financial strength will afford us the opportunity to continue to grow our brand throughout New England and provide a quality place of employment for our employees.”