Union Home Mortgage has acquired Houston-based Nations Reliable Lending, adding a billion-dollar origination business to its larger operations.
The Strongsville, Ohio-based UHM announced the acquisition Monday, and financial terms were undisclosed. A press release revealed few details about the deal, including how many employees UHM would add to its ranks. Nations Reliable Lending, also known as NRL Mortgage, has 50 sponsored mortgage loan originators and 27 branches, according to Nationwide Multistate Licensing System records.
The move will help UHM strengthen its reach in 48 U.S. states, particularly in Texas and Southwest Ohio, it said. NRL Mortgage closed $1.091 billion in origination volume last year, the companies said, while UHM counted $7.6 billion in volume.
"Our company lives by the mantra of 'Promises Kept,' which not only includes promises to our customers, but to our employee partners," said UHM CEO Bill Cosgrove in a press release. "By coming together, we expand the reach of that promise further, while also continuing to build a unique workplace culture in the mortgage industry."
NRL Mortgage CEO Mewael Ghebremichael also applauded the deal in a statement.
"Joining forces with UHM feels right, because we know they care as much as we do about working as a team for the betterment of our borrowers," said Ghebremichael.
According to Linkedin, NRL Mortgage has 407 current employees. The companies didn't return immediate requests for comment regarding how many employees would stay on in the transition.
UHM was founded in 1970 and operates consumer-direct, retail and wholesale businesses in addition to servicing its own loans. It has 886 sponsored MLOs, according to public records, and is
The deal is the latest in the mortgage space as mergers and acquisitions have picked up
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