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Washington Mortgage expands.

WMF/Huntoon, Paige Associates Limited, a wholly-owned subsidiary of Washington Mortgage Financial Group, a national mortgage lender and servicer, has acquired an equity interest in AGM Financial Services, Inc., a two-year old mortgage brokerage specializing in nursing home and FHA multifamily lending. Terms of the agreement were not disclosed.

The new relationship is intended to complement the strengths of both companies. WMF/Huntoon gains a formalized connection to AGM s pipeline, and can thereby increase its presence in servicing the government-insured multifamily and nursing home mortgage finance niches. AGM, meanwhile, benefits from WMF/Huntoon's access to the public and private capital market.

WMF/Huntoon, based in Jersey City, New Jersey, services a $4 billion mortgage loan portfolio consisting of direct servicing, subservicing, and master servicing contracts for multi-family housing properties and health care facilities nationwide.

AGM, with offices in Minneapolis, Baltimore, Des Moines and Sacramento, originates approximately $100 million in mortgage loans annually, split fairly evenly between multifamily and health care projects.
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Title Annotation:Washington Mortgage Financial Group Inc. acquires interest in AGM Financial Services Inc.
Publication:Real Estate Weekly
Date:Dec 9, 1992
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