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In a “strategic move,” New American Funding said Thursday it’s expanding its presence in the Midwest and Northeast with the acquisition of Downers Grove, Illinois-based Draper and Kramer Mortgage Corporation (DKMC).
Although terms of the deal were not announced, New American Funding said it is onboarding “a majority of DKMC’s loan originators” as well as operations and support staff, enabling the company “to fill existing open roles in various departments with experienced personnel.”
A subsidiary of financial and real estate services provider Draper and Kramer Holding, DKMC sponsors 159 mortgage loan originators working out of 51 branches located primarily in the Northeast, Midwest and Southeast, according to records maintained by the Nationwide Multistate Licensing System (NMLS).
Draper and Kramer Mortgage branches
DKMC will be rebranded as New American Funding, with those employees who are making the transition joining New American Funding on Feb. 1, the company said.
Based in Tustin, California, New American Funding sponsors 1,933 mortgage loan originators working out of 218 branch locations nationwide, according to NMLS records.
“As a company, we are always looking for ways to expand and improve our services. This strategic move will allow us to expand our footprint and better serve clients in the Midwest and East Coast regions,” New American Funding co-founder and CEO Rick Arvielo said, in a statement. “We are also excited to welcome the talented loan originators and support staff from Draper and Kramer, who will bring a wealth of knowledge and experience to our team.”
New American Funding, which last summer became a preferred lender partner of luxury real estate brokerage The Agency, is also a loan servicer, collecting payments on $67.2 billion in outstanding mortgages from 255,000 borrowers.
The direct mortgage lender added insurance and whole home services last fall, partnering with Matic Insurance to offer homeowners, flood, wind, auto, pet, life and other lines of insurance, and OneSource Solutions to help homebuyers find local movers and set up their electricity, gas, water and internet services.
Last year, New American Funding announced a referral partnership with EasyKnock in which it sends homeowners who are interested in converting their home equity to cash to EasyKnock to explore a sale-leaseback.
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Email Matt Carter