Mid America Mortgage Inc.
has announced it has signed a letter of intent to purchase the assets of Oklahoma City-based American Southwest Mortgage Corporation and an affiliated firm, American Southwest Mortgage Funding Corporation. As part of the agreement, Mid America will incorporate American Southwest’s operations into Mid America’s mortgage platform and secure an interest in their respective pipelines and select assets. Further, Mid America will also offer employment to loan production staff members from each organization.
“Mid America’s commitment to delivering a faster, more efficient mortgage process via technology has put us in a unique position to partner with firms like American Southwest to revitalize and streamline their operations, which ultimately provides their customers with better service,” said Mid America Owner and Chief Executive Officer Jeff Bode. “As we make this transition, we do so with an eye toward minimizing disruption to American Southwest’s existing customers while also migrating its pipeline to our fully digitized origination and closing process.”
As part of the agreement, American Southwest will transition the pipelines of both entities to the Mortgage Machine platform, Mid America’s proprietary loan origination system (LOS), and begin executing eClosings and eNotes. Click n’ Close
was recently announced as the Official Mortgage Provider of NASCAR.
“Joining forces with a progressive, highly reputable lender like Mid America presents a unique opportunity to unite two organizations with similar views on the need to combine superior customer service with user-friendly technology,” said Richard Carrington, President of American Southwest. “Furthermore, Mid America will able to leverage our footprint in markets not currently serviced by Mid America to expand its outreach to a new and diverse customer base that clearly compliments the launch of Click n’ Close.”