CrossCountry Mortgage LLC announced the acquisition of the assets of New Jersey-based residential mortgage lender First Choice Loan Services Inc.
“The addition of this group is a terrific fit for us,” CrossCountry Mortgage CEO Ron Leondhardt said in a statement. “We are pleased that they chose to join us. It enhances both our strategic growth in several regions as well as our consumer-direct component. Our team committed to, and achieved, a smooth transition for the loan originators and we are seeing immediate success with this transaction.”
Executive Vice President Norman Koenigsberg added: “We explored our options with several other companies, but CCM stood out. Ron and his leadership team made this process transparent and clear. We laid out a roadmap for success in our first meeting, and CCM never deviated from it. To my knowledge, this is one of the first successful bank-to-non-bank integrations following the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The transition has been seamless.”