The move is part of FBC’s expansion of its retail home lending franchise. Opes Advisors will operate as a separate division with its own brand. The deal is expected to close by June 3, subject to customary closing conditions.
Opes Advisors fits with FBC’s culture and retail mortgage expansion goals, said FBC President and CEO Alessandro DiNello. “We like the deep mortgage experience of their management team; we like their strong purchase mortgage origination focus; and we like their long track record of success,” he said.
In 2016, Opes Advisors’ 160 mortgage advisors produced about $3 billion in mostly purchase originations. It operates in 39 retail locations across California, Oregon, and Washington.
“When we were presented with this opportunity, we saw the added strength for both organizations and were amazed to find a like-minded company to preserve and enhance everything we at Opes Advisors had worked so hard to build," said Susan McHan, Opes Advisors' Mortgage Bank CEO, co-founder and president.
FBC is the parent company of Flagstar Bank, which operates 99 branches across Michigan. It also provides home loans
through a wholesale network of brokers and correspondents in all 50 states, as well as through 41 retail locations in 21 states. The company also has a wealth advisory arm that currently has approximately $325m in assets under management.
This is not FBC’s first acquisition this year. Last month, the lender completed its acquisition of Stearns Lending’s multibillion-dollar correspondent business. Terms were also not disclosed.
Flagstar Bancorp (FBC) announced Monday that it will acquire certain assets of Opes Advisors, a mortgage bank and financial advisory firm operating in three West Coast states. Terms of the transaction were not disclosed.