Chimera has announced a significant acquisition of HomeXpress, anticipating a milestone of $3.5 billion in volume by year-end. This strategic move is designed to integrate Chimera's loan securitization and financial services with HomeXpress's robust loan origination platform. The deal involves a payment of $120 million in cash and approximately 2.08 million shares of Chimera stock. HomeXpress, profitable since its inception, will continue operations under its current CEO and is expected to strengthen its partnerships and product offerings in the evolving mortgage market.
Chimera's acquisition of HomeXpress aims to enhance cross-selling potential and solidify a foothold in loan acquisition and securitization.
Phillip J. Kardis II expressed optimism for increased earnings, stating the deal will be accretive to Chimera's earnings in 2026.
HomeXpress, with its service-first philosophy, will leverage its partnerships to expand product offerings under Chimera's umbrella.
HomeXpress has shown consistent profitability, reporting a pretax net income of $47 million for 2024 while operating with 300 employees.
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