The deal combines the resources of the Fort Lauderdale investment mortgage banking operation with a Clearwater, FL-based company that operates a national wholesale subprime mortgage operation, which acquires loans from a network of mortgage brokers and financial professionals.
When the deal closes, the Fort Lauderdale-based parent of First American Mortgage Securities Inc. would create First American Capital Markets Group Inc. as a subsidiary to manage secondary mortgage marketing operations for First United MortgageBanc Inc., a subsidiary of CFI Mortgage.
Under terms of the agreement, First American Mortgage Securities would receive an unspecified amount of compensation on each loan funded by the new subsidiary. First American Mortgage also agreed to provide the new subsidiary with interim financing and warehouse credit lines.
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