The Bank of Glen Burnie, a Maryland-based depository, has acquired VA Wholesale Mortgage, a Virginia Beach, Virginia-based originator, with an workplace in Jacksonville, Florida. Terms of the deal weren’t disclosed.
A examine of the NMLS Consumer Access web page has Virginia Wholesale Mortgage, how the Bank of Glen Burnie’s second quarter Securities and Exchange Commission submitting refers back to the entity as, as a previous authorized identify.
Where VA Wholesale operates
While a press launch lists VA Wholesale as a mortgage dealer, the corporate has lender licenses in Maryland, Tennessee and Virginia.
It has dealer licenses within the District of Columbia, Florida, Georgia, North Carolina and Virginia, and a mortgage firm license in Texas.
Plans are for VA Wholesale to function as a devoted division of the Bank of Glen Burnie for the foreseeable future.
VA Wholesale started lending in early 2020 and focuses on working with active-duty and retired members of the army by way of the Veterans Affairs and Federal Housing Administration applications. It additionally affords standard, jumbo and non-qualified mortgage merchandise.
The Bank of Glen Burnie will present capital to fund the mortgage firm’s development, stated Mark Hanna, president and CEO of each the financial institution and its father or mother firm Glen Burnie Bancorp, in a press launch.
Integrating VA Wholesale into the Bank of Glen Burnie
The plans name for the financial institution to develop the mortgage workforce with originators in Anne Arundel County, the place the financial institution is positioned with six branches, and broaden as demand will increase, Hanna stated.
VA Wholesale will permit the financial institution to develop its mortgage choices in phrases of each product and geographic attain, “a lot quicker than we might organically,” Hanna stated.
Besides FHA and VA, the mortgage firm experience in working with first-time residence consumers and people who have to make a decrease down cost.
“This accomplishes the objective of The Bank of Glen Burnie serving our rising buyer base at a better degree, together with the small enterprise house owners, their workers, and households who’ve chosen to financial institution with us,” Hanna stated.
In 2024, VA Wholesale Mortgage closed roughly $125 million. It has 17 sponsored mortgage originators, based on the NMLS. The Bank of Glen Burnie has 15; its standing as a federally insured depository means it doesn’t want state licenses.
VA Wholesale Mortgage CEO Eric Tan, a U.S. Navy veteran, will stay with the corporate underneath the brand new possession.
“Having a dedicated funding supply will broaden our attain, permitting us to develop and meet the wants of our clients extra readily, whereas additionally rising lending quantity,” Tan stated.
Milestone Mergers and Acquisitions, based mostly in Fairfax, Virginia, assisted the Bank of Glen Burnie on this transaction.
Recent acquisitions of smaller mortgage originators
Among current M&A transactions within the mortgage enterprise, Anniemac bought two Florida-based corporations in current weeks. It began with Florida Funding, a $600 million quantity originator headquartered in Orlando throughout July. Last week Anniemac purchased Home Solution Lenders of Bartow, a $200 million store.
Another deal from final week involving a depository introduced collectively Great Lakes Credit Union with Fit Mortgage, based mostly in Birmingham, Alabama and licensed in 5 southern states.
