Absolute Home Mortgage Corporation, which originates consumer mortgages, announced that it has entered into an agreement to acquire the origination platform of Haus Mortgage (HausM), a local residential mortgage originator and digital marketing provider, headquartered in Chicago.
The integration of the HausM brand name will enable Absolute to streamline and advance the expansion process in the Chicago market for consumers who purchase homes through HausM and its retail organization force. This is consistent with Absolute's strategy to create an expanded retail presence in target markets through a technology backed retail organization model.
Absolute will continue its current line of business, offering mortgages to consumers and increasing technology-based efficiencies to both consumers and mortgage industry professionals. Expanding to the Chicago market will allow the company to develop new tools and partnership opportunities, including expanding its technology based digital marketing approach.
Both companies demonstrated consistent growth year-over-year. In 2019, Absolute’s expansion included a 50% increase in retail loan originators, and the company intends to continue its focus on growth in retail originators for years to come. HausM, supported by state-of-the-art digital marketing firm ParadigmNEXT, exceeded its origination goals by 60% this year and forecasts more than 200 percent growth through its integration with the Absolute brand.
"Absolute’s culture and technology are going to allow the HausM origination team to extend its preexisting footprint and rapid expansion in the Chicago market," said Anatoly Nirshberg, CEO of HausM.
"Now that we are expanding to Chicago, we believe the power of HausM and ParadigmNEXT, in conjunction with Absolute’s foundation, will rapidly expand our vision for technology-based retail mortgage originations. Over the next 12 months our focus will be refining consumer education of available loan products and how each consumer engages with a mortgage application and brand," said Matthew VanFossen, CEO of Absolute Home Mortgage.
The private transaction has been approved by Absolute’s board of directors. Terms of the deal were not disclosed. Once completed, John Sedej will lead the Chicago division of Absolute as regional manager. Absolute will continue to operate from its Fairfield, New Jersey, headquarters.