Mid America Mortgage, Inc. announced it has signed a letter of intent to purchase the assets of Oklahoma City-based American Southwest Mortgage Corp. and an affiliated firm, American Southwest Mortgage Funding Corp. As part of the agreement, Mid America will incorporate American Southwest's operations into Mid America's mortgage platform and secure an interest in their respective pipelines and select assets. Further, Mid America will also offer employment to loan production staff members from each organization.
(ADDISON, Texas) -- NEWS: Mid America Mortgage, Inc. (Mid America) announced it has signed a letter of intent to purchase the assets of Oklahoma City-based American Southwest Mortgage Corp. and an affiliated firm, American Southwest Mortgage Funding Corp. As part of the agreement, Mid America will incorporate American Southwest's operations into Mid America's mortgage platform and secure an interest in their respective pipelines and select assets. Further, Mid America will also offer employment to loan production staff members from each organization.
Pending a signed agreement, the transfer of operations and assets should be completed by December 1. Financial terms of the proposed agreement have not been disclosed.
"Mid America's commitment to delivering a faster, more efficient mortgage process via technology has put us in a unique position to partner with firms like American Southwest to revitalize and streamline their operations, which ultimately provides their customers with better service," said Mid America Owner and CEO Jeff Bode. "As we make this transition, we do so with an eye toward minimizing disruption to American Southwest's existing customers while also migrating its pipeline to our fully digitized origination and closing process."
As part of the agreement, American Southwest will transition the pipelines of both entities to the Mortgage Machine platform, Mid America's proprietary loan origination system (LOS), and begin executing eClosings and eNotes. Further, American Southwest's retail channels will have immediate access to Mid America's digital mortgage approval and closing platform Click n' Close, allowing them to take advantage of the faster turn times and lower costs Click n' Close provides. Third-party channel access to Click n' Close will be made available at a later date. Click n' Close was recently announced as the Official Mortgage Provider of NASCAR(r).
"Joining forces with a progressive, highly reputable lender like Mid America presents a unique opportunity to unite two organizations with similar views on the need to combine superior customer service with user-friendly technology," said Richard Carrington, president of American Southwest. "Furthermore, Mid America will able to leverage our footprint in markets not currently serviced by Mid America to expand its outreach to a new and diverse customer base that clearly compliments the launch of Click n' Close."
About Mid America Mortgage, Inc.:
Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.
In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings eNotes. Click n' Close, the Official Mortgage Provider of NASCAR(r), is Mid America's ultra-secure, digital mortgage approval and closing process that delivers an eight-minute application process, getting home buyers from application to closing within two weeks. With just a few clicks at closing, Click n' Close puts keys in the home buyer's hand in 15 minutes or less. Apply online at https://clicknclose.com.
Mid America is looking for tech-savvy, service-oriented mortgage professionals to join its growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit http://www.midamericacareer.com/.
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Related link: https://www.midamericamortgage.com/
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