DETROIT -- Comerica Mortgage Corp., an affiliate of Comerica Inc., has acquired selected assets of Fortune Financial, a California-based mortgage brokerage.
The terms of the acquisition were not disclosed. Fortune Financial had mortgage closings of more than $175 million in 1991.
Fortune will adopt the Comerica Mortgage name at a later date, Comerica said. The Detroit-based company said it will gain an outlet for serving customers of Comerica Bank-California, which s based in San Jose and has offices in City of Industry, Encino, Fremont, Pleasanton, San Francisco, and Sunnyvale.
Joseph W. Lanam, president and founder of Fortune Financial, will manage the California region for Comerica Mortgage.