GO Mortgage and PacRes Mortgage are set to merge by the end of September.
The deal will give both lenders access to new regions of the country and help drive down the cost to originate loans, a press release Friday said.
The transaction is expected to close in the third quarter of 2024, after which Michael Isaacs, the CEO of GO Mortgage, will take the helm of the combined company. The cost of the deal was not disclosed.
"This merger is a strategic move that blends our commitment to outstanding service and community support," said Isaacs, in a written statement. "By uniting our unique capabilities and resources, we will achieve significant operational improvements and first innovation."
Other organizational reshuffling will include the CEO of PacRes, Matt Stashin, joining the GO Mortgage board of directors and Melissa Stashin, president and cofounder of PacRes, will be the president of the combined company. Eric Wiley, the executive vice president of PacRes, will move into the role of chief experience officer and Andrew Panagos, the current president of GO Mortgage, will be the chief operating officer.
GO Mortgage, an Ohio-based lender, has a larger footprint on the East Coast, while Oregon-based PacRes Mortgage is active in the Pacific Northwest region.
The deal will combine the 91 sponsored loan officers of GO Mortgage and the 63 LOs of PacRes, resulting in a little more than 150 originators, the Nationwide Mortgage Licensing System shows.
GO Mortgage has 26 active branches and PacRes has 16 branches, according to the NMLS.
"Combining the companies creates new and exciting opportunities for both organizations," said Melissa Stashin, the soon to be president of the merged company. "This merger represents two culturally-aligned and highly complementary brands joining forces to serve our clients and employee-partners better."
