About 65 mortgage professionals have not transitioned from AmCap Home Loans to its acquirer, CrossCountry Mortgage (CCM), and rival New American Funding (NAF) has hired the AmCap personnel to expand its business in Texas, the lender announced last week.
Industry veteran Tom Boyd became a divisional executive vice president at NAF in December after spending more than 10 years at AmCap, where his prior job was as division president. He was followed in the transition by Russell Calvert, who has a regional vice president position at NAF, along with 65 other mortgage professionals coming from AmCap.
HousingWire reported in early January that CCM acquired AmCap to bolster its operations in Texas. Terms of the acquisition, including financial information, were not disclosed.
In December, the National Multistate Licensing System (NMLS) showed that AmCap had more than 400 sponsored loan officers, compared to more than 4,000 at CCM. As of March 20, AmCap had only seven sponsored LOs, due to most having already transitioned to CCM or other companies. CCM had 4,302 in total, per NMLS.
A spokesperson at CCM declined to comment.
“I moved our group to NAF to take over the Texas/New Mexico Division, reporting to Pat Bolan,” Boyd said in an emailed response to HousingWire, referring to NAF’s chief production officer.
“Our Texas Premier group consists of approximately 50 originators in Houston, Austin, and San Antonio. We also have another 15 LOAs, processors, etc., on the team. The recent team of hires reflects a variety of roles and meets the needs of our clients,” Boyd said.
NAF said that its Texas division also added 65 mortgage professionals coming from other lenders, totaling 130 new employees.
According to Boyd, the transition was motivated by his “aspirations for growth and making an impact,” along with the possibility of offering solutions for aspiring homebuyers, such as NAF Cash. The product, offered through an affiliated NAF company, allows homebuyers to make cash offers, which makes them more competitive amid low inventory levels.
The new group in Texas is part of several additions to NAF, which recently acquired Draper and Kramer Mortgage Corp. (DKMC) and expanded its operations in Texas, Florida and the Northeast. The new members “have generated more than $2.7 billion in loan production over the past 14 months,” the company said in a news release.
According to Inside Mortgage Finance, NAF was the 31st largest U.S. mortgage lender at the end of 2023. The company originated nearly $9.6 billion in 2023, down 34.5% compared to the previous year.
In February, California-based NAF tapped Mosi Gatling as senior vice president of strategic growth and expansion, a newly created role on its leadership team.
