MIAMI—Universal American Mortgage Co., the mortgage banking subsidiary of Lennar Corp., has acquired certain assets of Pinnacle Mortgage Group Inc. Terms were not disclosed; the acquisition will expand UAMC’s presence in the West.
Founded in 1995, Lakewood, CO-based Pinnacle is licensed in seven Western states and has 10 established retail office locations in Southern California and Colorado. Pinnacle will continue to operate under the Pinnacle Mortgage Group brand name while transitioning to UAMC’s retail brand name, Eagle Home Mortgage. The combined company is licensed in 26 states, with 100 branch offices.
Jimmy Timmons, UAMC’s president, says the Pinnacle acquisition represents “an excellent cultural fit. Both organizations have enjoyed success over the years by building strong team cultures and focusing on customer satisfaction.”
As part of UAMC, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be approved directly as a seller and servicer with Fannnie Mae, Freddie Mac and Ginnie Mae. “We believe leveraging the vast resources of the Lennar Family of Companies will strengthen our value proposition and grow market share,” says Todd Henderson, who founded Pinnacle with Brian Rindels. Henderson and Rindels will remain with the company as leaders of Pinnacle.