Union Home Mortgage acquires assets of Sierra Pacific Mortgage

"Sierra Pacific's team originated about $1 billion over the past 12 months, with a portfolio weighted toward conventional loans (63%) and purchase transactions (61.5%), according to mortgage tech platform Modex. By comparison, UHM produced $5.5 billion during the same period, also concentrated in conventional (61.3%) and purchase loans (63.2%). The deal also expands UHM's geographic reach. Sierra Pacific brings stronger footprints in California, Kansas and Tennessee, while UHM's core markets remain in Ohio, Michigan, Texas and Florida."

"Licensing data shows Sierra Pacific with 149 sponsored loan officers across 42 active branches, compared to UHM's 834 LOs and 217 branches. A source told HousingWire the deal led to the elimination of Sierra Pacific's entire post-closing department. It was announced in a four-minute, companywide call Tuesday morning, led by president and CEO Jim Coffrini, and it was described as quick and with little information. Coffrini founded the company in 1986."

"Executives mentioned that the reason for the sale was that to be a player in the current mortgage world, you need to be bigger than we were, the source added. Sierra operates in the retail, wholesale and servicing channels, but it's not clear at this point if the three businesses will be sold in the deal. In early May, the firm offered a $5.2 billion servicing package, HousingWire previously reported. It included loans backed by Fannie Mae, Freddie Mac and Ginnie Mae,"

Sierra Pacific originated about $1 billion over the past 12 months, with 63% conventional loans and 61.5% purchase transactions. UHM produced about $5.5 billion during the same period, with 61.3% conventional and 63.2% purchase loans. The transaction expands UHM’s geographic reach, adding stronger Sierra Pacific footprints in California, Kansas and Tennessee to UHM core markets in Ohio, Michigan, Texas and Florida. Licensing shows Sierra Pacific with 149 sponsored loan officers across 42 branches versus UHM’s 834 LOs and 217 branches. The deal eliminated Sierra Pacific’s entire post-closing department and was announced in a brief companywide call. The company offered a $5.2 billion servicing package in early May. Industry commentary described Sierra as a legacy firm with retail growth weaknesses limiting higher-margin opportunities.

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