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South Carolina-based Movement Mortgage plans to acquire Massachusetts-based Mortgage Network Inc. in a deal that Movement Mortgage said would expand its East Coast market share.
Movement Mortgage said in a statement posted Friday on its website that it expected the transaction to add $2 billion in annual mortgage loan volume to Movement’s origination platform.
Danvers, Massachusetts-based Mortgage Network, which was founded in 1988 by Robert McInnes and Albert Pare, has about 35 East Coast branches in 12 states from Maine to Florida. Movement said the acquisition would increase its footprint by 250 mortgage professionals and 31 branch offices.
“After 34 years of building the Mortgage Network family, it was time to find a new home for my team that values their employees and customers as much as we always have,” McInnes, the lender’s CEO, said in the statement. “I strongly believe Movement is that company.”
Mortgage Network’s business will be integrated into Movement’s, the statement said. Movement said it currently has more than 550 branches nationwide and 1,500 loan officers. Movement Mortgage also said it expects to keep Mortgage Network’s staff across the acquired branch network.
“We want to grow, and we look for teams and individuals in alignment with Movement’s mission to love and value people,” Movement CEO Casey Crawford said in the statement. “We found that and more in the Mortgage Network team. I’m honored to welcome these talented and purpose-driven individuals to Movement. Together, we’ll make a meaningful difference in our industry and communities.”
Mortgage Network had announced last month that its Connecticut branch, which was previously located in East Berlin, had moved to a new space in North Haven. The office has 12 mortgage professionals led by branch manager Dave Sevigny.
Through the first three quarters of 2022, Mortgage Network had $51.67 million in residential mortgage volumes in Connecticut, including $48.2 million in purchase volumes, according to The Warren Group, publisher of The Commercial Record. Last year, Mortgage Network had $ 51.67 million in residential volumes for the full year, including $32.47 in purchase loans.
Movement Mortgage had $234.57 million in Connecticut residential volumes in 2021, including $194.7 million in purchase mortgages. For the first three quarters of 2022, Movement Mortgage had $234.57 million in residential volumes, including $184.6 million in purchase loans.
Houlihan Lokey was Mortgage Network’s financial adviser on the deal, and Pierce Atwood was the legal adviser. Troutman Pepper was Movement Mortgage’s legal adviser.
