Flagstar Bancorp has reported it has closed its previously announced transaction to acquire certain assets of Opes Advisors, a retail mortgage originator and wealth advisory firm headquartered in Cupertino, Calif.
"On behalf of all Flagstar associates, I'm pleased to welcome the talented team of Opes Mortgage and Wealth Advisors to the Flagstar family," said Alessandro P. DiNello, Flagstar's president and CEO. "This transaction is good news for both companies. Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country. And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers."
This is the second acquisition Flagstar has completed this year, having acquired the delegated lending business of Stearns Lending LLC in late February to expand its market share in the correspondent channel. With the acquisition of Opes Advisors, Flagstar expands its retail mortgage origination business and increases its access to high-quality purchase mortgage originations.
"We see this transaction as amazing in its opportunity for mutual growth, collaboration, and benefits," said Susan McHan, CEO, co-founder, and president of Mortgage Banking at Opes Advisors. "The added product capabilities will be a win for our clients, and the expanded opportunities for growth will be a win for our mortgage advisors and wealth advisors. We feel fortunate to have found in Flagstar the perfect partner—a long-time leader in the mortgage industry with a strategy and interest in growing its retail mortgage business."