National independent mortgage lender HomeBridge Financial Services plans to purchase the operating assets of Prospect Mortgage from Prospect Holding Company, reports Brena Swanson for HousingWire.
HomeBridge signed a definitive agreement to primarily purchase Prospect Holding Company’s loan production platform.
Through the deal, HomeBridge will have approximately 900 retail mortgage loan originators in nearly 250 branches, the company said in a release.
Under the agreement, Michael Williams, Prospect's chairman and CEO — who is also the former president and CEO of Fannie Mae — will remain with HomeBridge in an advisory role for the immediate future.
"This arrangement creates a true loan production powerhouse that should become the nation's premier non-bank mortgage company. I expect a smooth transition because of the similarities in corporate cultures at HomeBridge and Prospect,” said Williams.