Strategic move enhances its market presence in key state
CrossCountry Mortgage (CCM) has closed its acquisition of AmCap Home Loans, a nonbank retail lender headquartered in Houston, Texas.
The move is part of CCM’s strategic growth plan, aiming to boost its market share nationwide. The companies have kept the terms of the acquisition, including financial information, confidential as per the agreement between the two entities.
Founded in 2002, AmCap has established itself as a reputable retail lender, generating $3.16 billion in loan volume in 2022. The company is renowned for its strong company culture, having received the Top Workplace recognition for 12 consecutive years.
Meanwhile, CCM has been named one of Inc. 5000 America’s fastest-growing private companies for 10 years. The Cleveland-based company operates over 800 branches across all 50 states with over 7,000 employees.
Read more: CrossCountry Mortgage’s down payment assistance program reaches 15 new metros
“This acquisition is part of CCM’s growth strategy to increase market share and maintain our vision to become the most referred mortgage lender in every community we serve,” CrossCountry CEO Ron Leonhardt said in a media release. “AmCap Home Loans’ history of high-performance teams and strong company culture align with our values at CCM, creating an exciting synergy between our organizations that we are thrilled to bring together.”
“I am very proud of what we built at AmCap over the years, but I fully recognize what got us here wasn’t going to get us to where we ultimately wanted to be as a business unit,” said AmCap Home Loans CEO Garrett Clayton. “I have considered Ron a friend and mentor for nearly 10 years and I am honored to partner with him and work together in becoming the largest mortgage lender in the state of Texas.”
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