Acquisition increases national footprint, adds $300 million in loan volume
AUSTIN, Texas, May 15, 2019 /PRNewswire/ -- Open Mortgage, a multi-channel mortgage lender dedicated to empowering the dream of home ownership, has acquired Premier Home Mortgage, a lender that specializes in financing homes in rural and small-town America, in a deal that's expected to add $300 million in loan value to the company. The acquisition also adds offices in Iowa, Montana, South Dakota and Wyoming in markets previously unserved by Open Mortgage. Premier Home Mortgage will begin operating as Open Mortgage within the year.
"Premier Home Mortgage's strong culture and rural footprint complements what we've built at Open Mortgage. Together, we will continue to focus on delivering exceptional experiences to every customer and employee," said Scott Gordon, Founder and CEO of Open Mortgage.
Founded in 2003, Open Mortgage maintains operation centers in Austin and Atlanta, in addition to 79 active branches in 22 states. In 2018, Open Mortgage originated nearly a billion dollars in home loans.
"At Premier Home Mortgage, our owners, loan originators, and support team members whole-heartedly believe that our clients become part of our family. In 'doing our jobs' we are helping our family members step into the next chapter of their lives. We believe that this commitment will only be stronger as part of Open Mortgage, while bringing new technology, a wider digital presence and cutting-edge products to our markets," said Russell Allgier, CEO of Premier Home Mortgage, who will become Regional Branch Manager at Open Mortgage, leading the South Dakota and Montana markets.
About Open Mortgage
Open Mortgage is a multi-channel mortgage lender committed to providing retail and partner loan officers extensive training and support. Founded in 2003, Open Mortgage is headquartered in Austin, Texas, and has retail locations nationwide. For additional information, visit openmortgage.com.