FoA Mortgage closure brightens prospects for small Indiana lenders

A team of over 60 mortgage bankers Finance of America Mortgage landed at hallmark mortgage.

Our retail team covers Colorado, Georgia, Kansas, Louisiana, Missouri, South Carolina and Texas. Mark Wadman will continue to lead the group as Hallmark’s Senior Vice President and Regional Manager.

“Hallmark is now poised to become one of the top 100 mortgage lenders in the nation,” said founder and CEO Deborah Sturges in a statement. “This increased productivity will create new employment opportunities at our headquarters in Fort Wayne.”

With the addition of Wadman’s team, Hallmark now has about 250 employees.

After suffering heavy financial losses, Finance of America shut down Forward mortgage business in October. We closed the wholesale channel first and then the branches in the last two weeks.

American Pacific Mortgage It took over A string of branches last week, as well as several other major retailers – including: Fairway Independent Mortgage, cross country mortgage When guild mortgage – Interested in managing additional branches.

Indiana-based Hallmark originated about $661 million in mortgages in the first nine months of this year, according to data from the mortgage software company. ModexThe company has originated about $1 billion in mortgages in 2021. This is a relatively rare instance of a smaller lender being significantly expanded by layoffs of much larger competitors.

Most lenders in Hallmark’s production tranches are expected to contract rather than grow over the next year.

“of [13%, or roughly 130] 17% of companies that produced between $1 billion and $2 billion in 2021 won’t even reach $500 million. [over the 12 months ending June 30, 2023],” Brett Luden, Managing Director Sterling Point Advisoris a mergers and acquisitions (M&A) advisory firm based in Virginia.

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