California-based New American Funding (NAF) announced Thursday that it's set to acquire Draper and Kramer Mortgage Corp. (DKMC). It is a subsidiary of Chicago-based Draper and Kramer Holding (DKH), a financial and real estate services provider.
The acquisition of DKMC, with a presence in the Midwest and along the East Coast, will expand NAF's capabilities. Specifics of the deal were not disclosed, but DKMC will be rebranded as New American Funding, with employees transitioning today.
"We are thrilled to welcome Draper and Kramer's mortgage division to NAF," Co-Founder and CEO Rick Arvielo said. "Their reputation as one of the best mortgage companies in the nation aligns perfectly with our mission to provide top-notch service to our clients. This acquisition is a testament to our focus on growth while helping our customers achieve their dreams."
The acquisition will bring a majority of DKMC's 230 loan originators and operations and support staff to NAF. It also enables NAF, with its more than 1,500 loan originators and 203 branches, to fill existing open roles in various departments with experienced personnel from DKMC.
Founded in 1893, Draper and Kramer holds the country's oldest active Federal Housing Administration license. According to Modex, over the last 12 months, it's done about $2 billion in total volume.
"As a company, we are always looking for ways to expand and improve our services," Arvielo added. "This strategic move will allow us to expand our footprint and better serve clients in the Midwest and East Coast regions. We are also excited to welcome the talented loan originators and support staff from Draper and Kramer, who will bring a wealth of knowledge and experience to our team."