Prospect Mortgage LLC has announced the acquisition of the assets of CapWest Mortgage, a Kansas City-based call center operation focusing on consumer direct sources of business. CapWest is a division of Farmers Bank & Trust, headquartered in Great Bend, Kan.
"During the last several quarters, we conducted extensive market due diligence on an array of strategic opportunities that would complement Prospect's business and drive growth and profitability," said Prospect Chairman and CEO Mike Williams. "We believe CapWest's sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace. We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors."
One of Prospect's stated strategic objectives has been to capitalize on the emerging consumer direct market by expanding and enhancing its capabilities in this channel. Prospect has the resources to scale CapWest's model to fulfill an expanded spectrum of lead sources and products, and the acquisition will serve as a foundational component to leverage Prospect's existing Consumer Direct initiatives. CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently president of CapWest, will become a Prospect Divisional President, responsible for the call center's growth and operations.
"As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank," said W.R. Robbins, chairman and CEO of Farmers Bank & Trust. "Home lending is changing rapidly, and it is a change being led by well-capitalized, smart entrepreneurs who understand how to leverage technology to create a wonderful consumer experience in this highly regulated, complex market space. I am delighted by not only the growth CapWest will see in the future under this structure but also by the long-term relationship Farmers Bank & Trust is establishing with Prospect Mortgage. I have seen great results when you have creative, forward-thinking individuals working on a shared vision for the future."