By Tustin, California-based New American Funding
EDINA, Minn., Dec. 18, 2018 /PRNewswire/ -- Marketplace Home Mortgage, an established leader in the mortgage industry, announced today its strategic acquisition by Tustin, California-based New American Funding.
Founded in 1995 by President Keith White, Marketplace Home Mortgage started out as a small brokerage that quickly grew to a ranking regional lender. Similar to New American Funding, Marketplace experienced significant growth over the last several years, which helps align the synergies of the companies even further.
"Becoming part of New American Funding accelerates the growth plans we put into place several years ago," said White. "The current market is one that some lenders view as challenging, but we view it as a magnificent opportunity that is increased by the industry-best platform brought by New American Funding."
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 108,000 loans for $27 billion, approximately 185+ branches, and about 2900 employees. The company offers several niche products, and has made Inc. 5000's list of Fastest-Growing Companies in America five times. It has a state-of-the-art career training facility and develops innovative technology, including apps GoGo LO and GoGo Partner.
"We felt now was the right time to combine forces with a lender such as Marketplace Home Mortgage," said Rick Arvielo, CEO, New American Funding. "We've always grown organically and have been very selective about this type of move in the past. But due to the cultural and business alignment of both brands, coupled with the geographic advantage, we determined this was an excellent opportunity."
About Marketplace Home Mortgage:
Marketplace Home Mortgage, based in Edina, Minnesota and doing business in fourteen other states, provides start-to-finish mortgage services to real estate professionals, builders and residential buyers. Marketplace has offices in Florida, Michigan, New Hampshire, South Dakota, and Wisconsin. In 2017, Marketplace Home Mortgage was recognized Best of Business Mortgage Company Winner from Twin Cities Business. Financial terms of the deal were not disclosed. The STRATMOR Group served as financial advisor to Marketplace Home Mortgage for this transaction. To learn more, visit marketplacehome.com.
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