UHM’s Acquisition Of Amerifirst: Strengthened Presence In Five States

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UHM’s Acquisition Of Amerifirst: Strengthened Presence In Five States

Jan 6, 2023 | News | 0 comments

Union Home Mortgage (UHM), based in Ohio, has agreed to acquire Michigan-based Amerifirst Home Mortgage, the two companies announced on Wednesday.

UHM is a full-service independent mortgage bank founded in 1970 that offers retail, wholesale and consumer-direct products. In the last 12 months, the lender originated mortgage loans worth $4.68 billion, according to mortgage tech platform Modex. With 168 branches and licenses in 49 states, the company has 557 active loan officers.

UHM expects to strengthen its presence in Florida, Michigan, Ohio, North Carolina and California through the acquisition of Amerifirst, founded in 1983 by Mark Jones and David Gahm.

There was no disclosure of the deal’s financial terms. The deal was first reported by Inside Mortgage Finance. Inquiries have been sent to both companies for comments, but no response has been received.

Combined, the two companies will be one of the largest USDA rural development lenders in the Midwest.

During the past three years, UHM has been the leading USDA Rural Development Single Family Housing Guaranteed Loan provider in Ohio. Applicants are provided with mortgage options that require no down payment when purchasing a primary residence under the program. Amerifirst is the leading lender in Michigan for this program. 

In the past 12 months, Amerifirst Financial Corporation issued $1.77 billion in mortgage loans, according to Modex data. With 72 branches in 28 states, the company employs 277 loan officers.

A Workers Adjustment and Retraining Notifications (WARN) filed with the Department of Labor and Economic Opportunity indicates that Amerifirst laid off workers in its Portage office before the deal’s announcement.

The WARN notice indicates one senior-level employee, seven first/mid-level officials and managers, 22 “professionals,” and 29 administrative support workers will be laid off.