PCM posted $1.9 billion in origination volume last year alone
Stearns Lending has acquired the wholesale, non-delegated correspondent and consumer-direct businesses of a leading residential origination and servicing company, according to a news release.
Stearns acquired the businesses from Atlanta-based Primary Capital Mortgage, and has offered positions to PCM mortgage production-related employees impacted by the acquisition.
“We are excited to bring our two companies together as part of Stearns’ ongoing pursuit of profitable growth and commitment to being an industry leader,” said Stearns CEO David Schneider. “Our two organizations both have complementary strengths and a commitment to excellence, which makes our companies well-suited to join forces moving forward.”
PCM has experienced significant growth over the past four years, and posted $1.9 billion in origination volume in 2016 alone, according to the release.
“This is a fantastic opportunity for Stearns,” said James Hecht, Stearns COO. “PCM’s forward-thinking leadership team has done an outstanding job building a highly productive company through innovation, best practices and a focus on positive work culture. Our two organizations also share the belief that a company’s culture and team members are the key elements in achieving success. We anticipate a smooth transition as the transaction proceeds.”
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Stearns acquired the businesses from Atlanta-based Primary Capital Mortgage, and has offered positions to PCM mortgage production-related employees impacted by the acquisition.
“We are excited to bring our two companies together as part of Stearns’ ongoing pursuit of profitable growth and commitment to being an industry leader,” said Stearns CEO David Schneider. “Our two organizations both have complementary strengths and a commitment to excellence, which makes our companies well-suited to join forces moving forward.”
PCM has experienced significant growth over the past four years, and posted $1.9 billion in origination volume in 2016 alone, according to the release.
“This is a fantastic opportunity for Stearns,” said James Hecht, Stearns COO. “PCM’s forward-thinking leadership team has done an outstanding job building a highly productive company through innovation, best practices and a focus on positive work culture. Our two organizations also share the belief that a company’s culture and team members are the key elements in achieving success. We anticipate a smooth transition as the transaction proceeds.”
Related stories:
Stearns CEO unexpectedly steps down
Flagstar completes acquisition of Stearns’ correspondent business
