Stearns has niche interests in mortgage lending services in the wholesale, retail, strategic alliances and consumer direct sectors.
Terms of the deal were not disclosed.
PCM has seen significant and sustained growth in the past four years, originating almost $ 2 billion in business last year.
PCM employees will be absorbed into the Stearns organization, especially most of its production employees, as part of the agreement.
“I’m incredibly proud of our team’s hard work and dedication to our clients, as this has been the cornerstone of PCM’s success over the years,” chief executive Anthony Coniglio said. “Stearns is one of the leading originators in the business, and we will now be able to offer our clients an even better experience, with more robust technology, improved process flows and enhanced product choices.”
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Primary Capital Mortgage (PCM) announced that it has sold some of its business lines to Stearns Lending, specifically its broker, non-delegated correspondent, and consumer direct businesses.