Flagstar Bancorp announced Monday that it closed on its acquisition of “certain assets” of Opes Advisors, a full-service mortgage bank and financial advisory firm.
The acquisition, which was first announced in April, will expand Flagstar’s mortgage lending operations in the Western part of the country.
Opes Advisors has 39 retail locations in California, Oregon and Washington and the company’s 160 mortgage advisors produced about $3 billion in mainly purchase originations during 2016.
Under the terms of the deal, Opes Advisors will operate as a separate division within the Flagstar brand, therefore expanding Flagstar’s retail home lending franchise.
“On behalf of all Flagstar associates, I'm pleased to welcome the talented team of Opes Mortgage and Wealth Advisors to the Flagstar family,” Alessandro DiNello, Flagstar’s president and CEO, said.
“This transaction is good news for both companies. Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country,” DiNello added. “And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers.”
Susan McHan, CEO, co-founder, and president of mortgage banking at Opes Advisors, said the deal is beneficial for all parties involved.
“We see this transaction as amazing in its opportunity for mutual growth, collaboration, and benefits,” McHan said.
“The added product capabilities will be a win for our clients, and the expanded opportunities for growth will be a win for our mortgage advisors and wealth advisors,” McHan concluded. “We feel fortunate to have found in Flagstar the perfect partner—a long-time leader in the mortgage industry with a strategy and interest in growing its retail mortgage business.”
Financial terms of the deal were not disclosed.
