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Mortgage Investment Trust buys Reverse Mortgage Funding.

MANews-(C)2009-2014

15 July 2014 - US-based Reverse Mortgage Investment Trust Inc (RMIT) has taken over local Reverse Mortgage Funding LLC, or RMF, the latter said without providing financial details.

RMF originates and services reverse mortgages in 47 states and jurisdictions through its retail, wholesale and third-party channels. The company, founded in 2012, has offices in New York and New Jersey.

This transaction supports RMF's origination and servicing strategy to substantially build its market share. Furthermore, the deal also helps the company achieve its strategic goal to have a business model consisting of two major operations, reverse mortgage banking and portfolio management, CEO Craig Corn, who will continue as chairman and CEO of RMIT, said.

RMIT has recently raised USD230m (EUR169m) in capital via a private equity offering.

Country: USA

Sector: Banking/Financial Services

Target: Reverse Mortgage Funding LLC

Buyer: Reverse Mortgage Investment Trust Inc

Type: Corporate acquisition

Status: Closed

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Publication:M & A Navigator
Date:Jul 15, 2014
Words:150
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