National lender and servicer Carrington Mortgage Services (CMS) has expanded its mortgage origination unit by purchasing certain assets of American Home Equity Corp. (AHE). Mortgage lender AHE is based in Irvine, CA based.
Key personnel that will be joining Carrington with the purchase include Alan Pott, AHE’s president that has over 20 years of experience in the loan origination industry. A staff of 40 wholesale lending professionals will also be part of the AHE merger into CMS.
“We are very pleased to have these experienced professionals join the Carrington family of companies,” says Bruce Rose, chief executive officer of Carrington Holding Co.
Established in 2001, AHE specialized in the funding of residential agency, government, and non-conforming loan programs. Its purchase not only grows Carrington’s existing origination platform but also provides a foundation for launching the CMS wholesale origination channel.
According to a release from CMS. the expansion presents an opportunity to provide wholesale origination that has the same high-touch service levels and credit quality as that of Carrington’s retail channel.
AHE, which shares a similar business philosophy and commitment to quality with Carrington, originated more than $1 billion in the last two years and it offers a wide range of loan programs.
“The overall sales culture is a good fit with CMS and is based upon the delivery of a customer-centric value proposition,” said Steve Patton, executive vice president of mortgage lending at CMS. “This addition will provide Carrington with an immediate proven foundation to launch our wholesale origination model on a nationwide basis.”