Allen, Texas-based Highlands Residential Mortgage has acquired The Equitable Mortgage Corp. a Dublin, Ohio-based company that has spent more than three decades serving clients and real estate partners across Central Ohio, and an additional presence in Southwest Florida.
Founded in 1995, Equitable Mortgage began with a small office, a card table, and a commitment to earning every client relationship, according to Highlands. Over time, Equitable grew its team, expanded its business, and became a trusted name in the Columbus market, funding billions in residential loans along the way.
Equitable is led by CEO Bruce Calabrese. No financial terms of the deal were released.
“Being from Ohio, I’ve seen the reputation Bruce and his team have built over time. They’ve run a strong, relationship-driven business, and that’s exactly the kind of foundation we look for,” Corey Caster, EVP, Chief Production Officer at Highlands said.
Highlands noted that it has built its platform around supporting loan officers and delivering a higher standard of lending for both clients and partners through speed, consistency, and strong execution. It said that bringing these two organizations together creates an opportunity to build on what’s already working and take it even further.
Highlands noted that the acquisition establishes its presence in Ohio and brings together teams that understand their markets.
The Highlands-Equitable deal is the latest among several that have happened in recent months.
A deal was reached in April for CrossCountry Mortgage to buy Summit Funding, Inc., a privately held mortgage banking and servicer with its headquarters located in Sacramento, California.
In December, Guild Holdings Co. Guild Mortgage Co. and Bayview Asset Management LLC, jointly announced that Bayview MSR Opportunity Master Fund LP, a fund managed by Bayview, completed its all-cash acquisition of GHLD that was first announced in June. The transaction was an all-cash deal valued at approximately $1.3 billion in aggregate equity value.
