Ohio-based GO Mortgage is the latest origination shop to give former Finance of America employees a home.
More than a dozen employees, mainly on the East Coast, have transitioned to GO Mortgage in the past couple of weeks, according to LinkedIn posts.
“We have interviewed and welcomed a significant number of talented former Finance of America team members to join us, including some key former senior leaders,” said a GO Mortgage spokesperson. “We are pleased to add these capable professionals to our growing team, and look forward to more as we continue to expand. They are sure to make impactful contributions to our future success.”
GO Mortgage joins at least two other origination shops that have scooped up former Finance of America employees. FOA made public its intentions to exit retail mortgage originations on Oct. 21, following its previous announcements to leave wholesale and consumer direct.
Hallmark Home Mortgage most recently announced that it added a group of 60 former Finance of America employees covering the states of Colorado, Georgia, Kansas, Louisiana, Missouri, South Carolina and Texas. The additions bring Hallmark up to 250 employees.
American Pacific Mortgage has also integrated at least 40 FOA branches, mostly on the West Coast.
“We aren’t truly buying anything, such as their obligations,” said a source from APM. “We’re basically getting the benefit of getting all of their production, but not having to buy the company.”
Former employees at Finance of America are actively being swept up, unlike colleagues from other firms because FOA has distributed retail branches, according to Paul Hindman, managing director of Grid Origination Services,
“This implies that they are closer to borrowers,” Hindman said. ” The thought process is that the closer the relationship is to the borrower, the higher the probability of business.”
