Movement Mortgage to purchase retail mortgage operations of Mortgage Network, Inc.
INDIAN LAND, S.C. – Movement Mortgage (Movement), the nation's sixth-largest retail mortgage lender, has significantly expanded its market share on the East Coast with the acquisition of Mortgage Network, Inc. (Mortgage Network), based in Danvers, Massachusetts.
The transaction is expected to add $2 billion in additional annual mortgage loan volume to Movement's origination platform. The acquisition will also increase Movement's national retail mortgage footprint by 250 additional mortgage professionals and 31 branch offices.
"We want to grow, and we look for teams and individuals in alignment with Movement's mission to love and value people. We found that and more in the Mortgage Network team," says Movement CEO Casey Crawford. "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."
"This is about more than growing our market share – we're bringing on phenomenal loan officers and leaders from one of the strongest independent retail mortgage lenders," says Movement president Mike Brennan. "They have built trust within the community and are committed to putting borrowers first. We're thrilled to welcome them to the Movement team."
Founded in 1988 by Robert McInnes and Albert Pare, Mortgage Network, Inc. grew to become one of the largest, privately held independent mortgage companies in the eastern U.S., with branch offices and licenses in 27 states. Movement expects to retain the staff across the acquired branch network and integrate the business with its existing retail network of more than 550 branches and 1,500 loan officers nationwide.
"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," says Mortgage Network CEO Robert McInnes. "I strongly believe Movement is that company."
Houlihan Lokey served as financial advisor and Pierce Atwood served as legal advisor to Mortgage Network. Troutman Pepper served as legal advisor to Movement.
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About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with upfront underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S. and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities and global outreach. For more information, visit www.movement.com.
About Mortgage Network
Mortgage Network, Inc. is one of the largest, privately held independent mortgage companies in the eastern U.S., with branch offices and licenses in 27 states. The company offers a flexible menu of agency direct, portfolio and jumbo solutions and is backed by its proprietary, award-winning technology and a commitment to help mortgage professionals grow their business. Year after year, more than 98 percent of Mortgage Network customers and referral sources say they would recommend the company to family and friends. Based in Danvers, Massachusetts, Mortgage Network was founded in 1988 by Robert McInnes and Albert Pare and can be found online at www.mortgagenetwork.com.
