A subsidiary of Ann Arbor, Mich.-based University Bank has bought a local mortgage banking division.
University Lending Group acquired assets including leased branch offices and hired a group of 52 employees from Huron Valley Financial, Inc., a privately held mortgage banking firm also headquartered in Ann Arbor. ULG also acquired assets and hired the employees of HVF’s reverse mortgage division, 1st Nations Reverse, and its wholesale lending division, HVF Partners.
The now allied group of employees on a combined basis was Washtenaw County’s #1 locally based first mortgage loan originator in both 2018 and 2017. In the transaction HVF was the #19 reverse mortgage lender nationwide in 2018 based on volume of loans originated.
The new employees include 26 retail residential loan officers and adds 270 wholesale clients to ULG’s wholesale lending division.The combined firm originated over $1 billion in residential first mortgages in 2017 and 2018. The combined firm will have over 440 employees.
“I’ve known [HVF President/CEO] Eric Bradley prior to the foundation of HVF in 1997 and have admired his ability to build and bring together one of the top mortgage origination teams in Washtenaw County,” said Stephen Lange Ranzini, president and CEO of the $246 million University Bank. “We see this alliance and association as bringing together two very skilled teams with similar cultures.”
In addition to its Ann Arbor headquarters, HVF also has loan production offices in Brighton, Clarkston and Southgate, Mich., which will be part of the combined firm. ULG also has offices in Ann Arbor and Clinton Township, Mich., as well as in Florida, Indiana, North Carolina and Texas.