Prosperity Home Mortgage is now a direct lender to consumers
Prosperity Home Mortgage, a lender in the Berkshire Hathaway portfolio, has acquired JFQ Lending direct-to-consumer, it announced. Prosperity, a subsidiary of HomeServices of America, released a press release Tuesday. JFQ Lending will manage Prosperity’s Consumer Direct Division from its Scottsdale, Arizona call center. It said that Prosperity, a Chantilly, Virginia-based lender, had $25 billion in production between 2021-2022 from more than 500 mortgage consultants. According to S&P Global data, the lender funded $8.5 million in volume between January 2017 and October 2018. It offers products such as adjustable rate, investor, bridge, and government-insured loans. According to S&P Global data, the company generated $947 million in volume between January and October 2022. Justin Messer, president & CEO of Prosperity, stated that it was a strong choice by a mortgage banker looking for a consumer direct business line. In a press release Tuesday, he stated that Prosperity was well-positioned to achieve its goal of becoming a major force in the consumer direct channel, with a focus on both purchase and refinance transactions, by adding JFQ’s technology stack, proven sales process and seasoned leadership team. John Kresevic (CEO of JFQ) will be the senior vice president, national sale leader – consumer direct. “This transaction validates my vision, Justin Meek, and me to provide world-class service and deliver a best in-class mortgage experience. Prosperity parent HomeServices of America claims that it is the largest residential real estate brokerage firm in the country. It has a nationwide network that includes title firms, lenders, insurers, and brokerages. The company joins the growing list of lenders despite the market downturn over the past 12 months. This is because industry players of all sizes are making moves to capitalize on a rebound in the housing market. Recent months have seen a boom in mergers and acquisitions of mortgage companies, fueled by a desire for scale or geographic reach. According to STRATMOR Group, the industry witnessed 42 transactions last year and could see 60 in 2017.