"We saw ability to affiliate with a well-run mortgage banking company," Lorenz says in a prepared statement. "It was definitely not anything we needed to do--it was the merger of two profitable and growing companies."
Lorenz and partner Dennis C. Edmiston, senior vice president, will join Laureate, along with Horizon's entire loan origination staff. Laureate will consolidate Horizon's loan servicing operation into its corporate headquarters in Charlotte.
Horizon, which has a loan servicing portfolio of $480 million, will give BB&T its first loan production office in Georgia. Laureate Capital will grow to $5.2 billion in loan servicing volume in 32 states after the sale, Lorenz says in the statement.
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