HORSHAM, Pa. & ROSEVILLE, Calif.--(BUSINESS WIRE)--Finance of America Holdings LLC, a Blackstone (NYSE: BX) portfolio company, announced today that it has completed a series of acquisitions including Gateway Funding Diversified Mortgage Services Inc., Pinnacle Capital Mortgage LLC and certain assets and operations of PMAC Lending Services, Inc. Finance of America Holdings LLC also owns Urban Financial of America, LLC, one of the nation’s largest reverse mortgage lenders.
As a result of these acquisitions, Finance of America through its operating subsidiaries will rank among the largest non-bank originators in the United States and will be licensed in over 45 states. It will operate in each of the retail, wholesale and correspondent channels and have its own servicing capabilities. More specifically it will operate approximately 300 retail lending branches, 5 wholesale and correspondent centers and employ over 3,000 professionals, of which over 1,400 are licensed loan officers.
“We see great opportunity in the U.S. lending and resulting investment space. The people and operations associated with these businesses, the capital of our partners and strategic items yet to be announced should provide us with a significant and enduring edge in this highly competitive industry,” said Brian Libman, Executive Chairman of Finance of America Holdings LLC.
“We seized the opportunity to become part of a nationwide mortgage lender by joining the Finance of America team. We are truly excited to be a part of the vision,” said Robert Boliard, CEO and President of Pinnacle Capital Mortgage, to become President of Western Retail and Nationwide Wholesale for Finance of America Mortgage.
“The opportunity, strength, and synergy associated with Finance of America is exciting and I am confident we will change the face of mortgage banking” said Bruno Pasceri former CEO and President of Gateway Funding, to become President of Eastern Retail and Nationwide Correspondent lending for Finance of America Mortgage.
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Finance of America Mortgage LLC
2015 Finance of America Holdings LLC, NMLS #1071