Skip to main content

New American Funding Boosts Its Reach With Draper and Kramer Mortgage

Feb 01, 2024
acquisitions
News Director

The acquisition will strengthen its presence in the Midwest and along the East Coast.

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."

About the author
Christine Stuart is the news director at NMP.
Published
Feb 01, 2024
Fannie Mae Implements Notice Of Potential Defect Process To Address Loan Repurchase Risks

Faced with market challenges, Fannie Mae reintroduces a Notice of Potential Defect, allowing lenders a grace period to rectify significant loan issues before repurchase requests, amid calls for broader industry reform.

Feb 29, 2024
Rocket Pro Originate Mortgage Platform To Close; Shifts Focus To Mortgage Brokers

Rocket Pro Originate, a platform serving real estate agents and financial professionals, announces closure.

Feb 28, 2024
United Wholesale Mortgage Reports Fourth Quarter Loss Of $461 Million, But Remains Bullish For 2024

UWM Chairman and CEO Mat Ishbia optimistic despite financial setback, cites operational profitability and broker dominance.

Feb 28, 2024
Condo Prices, Sales Falling In Florida

New regulations and rising insurance costs hold back buyers in six major metros.

Feb 26, 2024
Buyer Beware

Unpriced climate risk the housing market’s bubble in the bloodstream.

Feb 26, 2024
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024