American Pacific Mortgage plans to expand its business.
California-based American Pacific Mortgage continues its expansion of its market presence, announcing Thursday the acquisition of Lend Smart Mortgage. LLCMinnesota-based Lend Smart Mortgage now has close to 30 branches across the country. Its main presence is in the midwest. The terms of the asset acquisition were not disclosed. According to APM’s spokesperson, 27 branches and 107 loan officers will be added. APM will integrate Lend Smart through a “divisional approach” where the Minnesota-based lender can retain its brand, leadership, and brand while accessing APM’s mortgage products and technology. “APM’s divisional model has seen exponential growth over the last two years,” stated Bill Lowman, CEO at American Pacific Mortgage. Lowman said that APM has “attracted many well-known and established businesses that want to plug into APM’s engine…without losing their identities.” According to the CEO of the company, “Lend Smart Mortgage” will provide APM with “production outlets within areas where APM has an active growth rate.” This includes Arizona and Minnesota. APM announced its acquisition of Lend Smart Mortgage and stated that it is open for more branches to join the company. APM’s press release stated that independent mortgage bankers looking for a similar opportunity in a division can contact Lowman to get more information. APM has been working hard to acquire branches from defunct lenders over the past two months. APM has already acquired close to 40 branches of Finance of America. A large number of employees were also brought in from AmeriFirst Financial which had stopped funding loans in December. Lowman spoke on the Mortgage Pro’s 411 podcast January and gave insights into his business strategy for 2023, with a focus on market shares. Lowman stated, “This is a cyclical industry. There’s always ups or downs… and how [companies] manage those transitions is what will determine which ones are going to gain marketshare.” “We must not compare volume, it’s too far off. We should instead measure ourselves on market shares.”