HousingWireHousingWire
Union Home Mortgage (UHM) on Monday announced its acquisition of Nations Reliable Lending, aka NRL Mortgage. The acquisition of Houston-based NRL will strengthen UHM’s book of business in Texas and southwest Ohio in particular.
“Our company lives by the mantra of ‘Promises Kept,’ which not only includes promises to our customers, but to our employee partners. By coming together, we expand the reach of that promise further, while also continuing to build a unique workplace culture in the mortgage industry,” UHM CEO Bill Cosgrove said in a statement.
The terms of the deal were not disclosed. UHM, a growing independent mortgage bank based in Ohio, originated about $7.6 billion in mortgages last year. NRL did a little over $1 billion in volume.
The acquisition comes roughly two years after UHM acquired Amerifirst Home Mortgage. It has since been aggressive in recruiting productive loan officers.
“NRL’s mission has always been to provide reliable service to our customers, partners, employees and communities,” said Mewael Ghebremichael, CEO of NRL. “Joining forces with UHM feels right, because we know they care as much as we do about working as a team for the betterment of our borrowers. We’ll be able to make an even more meaningful impact by coming together, and we can’t wait to get started.”
News of the NRL acquisition comes just days after Oklahoma-based Bank7 acquired another relative mortgage minnow in local IMB First American Mortgage Inc.
M&A experts told HousingWire in December that they expect a similar number deals in 2025 as were struck in 2024, but they also believe they’ll be of different shapes.
