Flagstar Bancorp Inc. has announced the signing of a definitive agreement under which it will acquire certain assets of Opes Advisors Inc. Opes Advisors' mortgage banking business generates retail originations from 39 retail locations in California, Oregon and Washington. The footprint is focused in markets with strong demographics, resulting in high credit quality originations. In 2016, its 160 mortgage advisors produced approximately $3 billion in mostly purchase originations.
The company also has a wealth advisory arm that currently has approximately $325 million in assets under management.
"We're excited about teaming up with a first-class retail originator like Opes Advisors," said Alessandro P. DiNello, Flagstar's president and CEO. "They're a strong fit with our strategic goal of growing our retail mortgage business and a good fit culturally. We like the deep mortgage experience of their management team; we like their strong purchase mortgage origination focus; and we like their long track record of success. We look forward to working with the entire Opes Advisors team to share best practices and create a first-class borrowing experience for our customers."
Flagstar will operate Opes Advisors as a separate division with its own brand, providing a strategic expansion to Flagstar's retail home lending franchise.
"When we were presented with this opportunity, we saw the added strength for both organizations and were amazed to find a like-minded company to preserve and enhance everything we at Opes Advisors had worked so hard to build," said Susan McHan, CEO, co-founder and president of Opes Advisors' Mortgage Bank. "For today's market, Flagstar has the industry knowledge and resources to invest in and grow our people and the business. We're confident our team, our mortgage advisors and our wealth advisors will not only find Flagstar culturally compatible, but also the team is genuinely committed to our continued success."