mortgage.com to Buy Three Companies
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In an effort to enable its business to conduct point-of-sale mortgage offerings on the Net, mortgage.com Monday snagged three financial companies.
Capital Savings Co., BuildNet Inc. and BuildNet Financial are wholly-owned subsidiaries of CSC Holdings LLC from North Carolina.
mortgage.com (MDCM) expects the triple purchase will bulk up its offering of purchase-money mortgages, which accounted for 80 percent of the company's volume last quarter, to homebuilders, Realtors and financial planners.
Purchase-money mortgages are given by the buyer to the seller as part of the purchase consideration. Terms of the deal were not disclosed.
Technology-based lender Capital Savings co.secured more than $300 million in mortgages last year. mortgage.com snatched up BuildNet and BuildNet Financial for Net development with loan-origination support for its home-builder base, which is responsible for the construction of nearly one in three U.S. residences.
"This transaction will provide Capital Savings with the technological muscle to expand our reach while opening up new markets for mortgage.com," said Todd Ballenger, chairman of Capital Savings.