Union Home Mortgage (UHM) has acquired the retail and wholesale origination assets of Sierra Pacific Mortgage Company (SPMC), a move that positions UHM among the 15 largest independent mortgage bankers in the country with more than $15 billion in annual originations.
The deal includes Sierra Pacific’s retail branches and wholesale broker relationships. Both channels will continue operating on Sierra’s proprietary Loan Express origination system, with no disruption to existing pipelines. Servicing assets remain with Sierra Pacific.
“When we look to acquire, we want a deal that makes sense to us, but also is good for employees and customers, and SPMC is a perfect fit geographically and culturally,” said Bill Cosgrove, CEO of Union Home Mortgage. “Our company lives by the mantra of ‘Promises Kept,’ and we promise that this is a good deal for the employees and customers of SPMC and UHM.”
Jim Coffrini, founder and CEO of Sierra Pacific, added: “I started Sierra Pacific 40 years ago and have always been dedicated to our brokers and our retail branches. We’ve made big investments in people and technology. I am delighted that legacy lives on with Bill and UHM.”
Jon McCash, head of Sierra’s wholesale division, emphasized continuity for partners: “It’s business as usual for our brokers, and we are excited for all the enhancements we have planned.”
Production Perspective
Sierra Pacific Mortgage
- 2024: $3.79B in originations (Wholesale $2.75B, Retail $1.04B)
- 2023: $3.77B in originations (Wholesale $2.52B, Retail $1.25B)
- MLOs (2024): 146 in retail, of which 116 were producing.
- Channel Breakdown (2024): ~73% wholesale, ~27% retail.
Union Home Mortgage
- 2024: $12.71B in originations (Wholesale $7.30B, Retail $5.41B)
- 2023: $8.92B in originations (Wholesale $4.89B, Retail $4.03B)
- MLOs (2024): 876 in retail, of which 691 were producing.
- Channel Breakdown (2024): ~57% wholesale, ~43% retail.
Data provided by Modex
The year-over-year growth is particularly notable for UHM, which increased production by more than $3.7B between 2023 and 2024, with gains across both channels. Sierra Pacific, by contrast, stayed relatively flat in total production, with wholesale driving the majority of its volume.
Industry Insight
Industry consultant Rick Roque, CMB, who has been closely watching Sierra Pacific for years, called the move both expected and strategic.
“Sierra Pacific has long been a respected name in wholesale and servicing, but their originations growth has been concentrated in wholesale,” he said. “With margins tightening in that channel, it makes sense that they would ultimately align with a larger player.”
“This transaction,” Roque noted, “allows Union Home to expand its reach in both retail and wholesale, while Sierra continues to focus on its servicing platform.”
Consolidation Trend
The year has been filled with headline acquisitions, reflecting how lenders are sharpening their focus on profitability and multichannel growth. Among the largest: Rocket Companies’ planned $9.4 billion acquisition of Mr. Cooper and Guild Mortgage’s $1.3 billion go-private deal with Bayview Asset Management. Even smaller players are active, as seen in Fairway’s acquisition of Hallmark Home Mortgage through an asset purchase.
Advisory
STRATMOR Group served as exclusive advisor to Union Home Mortgage on the transaction.
