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.
“These acquisitions fit into mortgage.com’s key strategy of using the
Internet not just directly with consumers but also in a
business-to-business fashion with all key participants in the home-buying
process,” said Seth Werner, chairman, president and CEO of mortgage.com.
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.