SHAWNEE, Kan. -- Advanced Financial Inc. plans to acquire a mortgage production business in Washington, Oregon, and Idaho from Home Lending Associates.
The business has about $70 million of loans in process. For May, the operations closed about 250 loans with $27 million in principal balance.
Also being acquired from Home Lending are two real estate companies, one with three offices in the Seattle area and the other with one office in Las Vegas.
Advanced Financial said new technologies would enhance the acquired operations' ability to originate loans and reduce overhead.
Advanced said it intends to pursue other potential acquisitions.
The Home Lending transaction, for cash and stock options to be issued at current market prices, is expected to be completed before June 30.