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Wintrust Mortgage completed its acquisition of Veterans First Mortgage, the company announced Friday.
The deal was first announced in December.
The particulars of the deal are this: Wintrust Financial Corporation, the parent company of Wintrust Mortgage, acquired Veterans First Mortgage, a lender that specializes in Department of Veterans Affairs lending.
Specifically, Wintrust Mortgage is a division of Barrington Bank & Trust Company, which is a subsidiary of Wintrust Financial Corporation.
In this deal, Wintrust Mortgage acquired “certain assets and assume certain liabilities” of iFreedom Direct Corporation, which does business as Veterans First Mortgage.
Veterans First Mortgage is a consumer direct lender with three offices, two in Salt Lake City and one in San Diego. The company originated more than $800 million in loans in 2017 and has approximately 400 employees.
As part of the deal, Wintrust Mortgage also acquired servicing rights from Veterans First Mortgage on approximately 8,300 loans that carry an estimated $1.4 billion in principal balance.
According to Wintrust, the deal will bring Veterans First’s “robust platform that integrates CRM technology, customized loan origination software and telephony systems to produce an efficient loan experience for its customers” into the fold at Wintrust.
The companies did not disclose the specific financial details of the deal, but the companies did say that a “significant portion of the purchase price for Veterans First Mortgage assets will be conditioned upon certain future profitability measures.”
Wintrust said that it expects the deal to be “slightly accretive” to its 2018 earnings per share.
