ROCKVILLE CENTRE, N.Y. - In its second acquisition in two weeks, Command Credit Corp. said it had bought all the outstanding shares of Paramount Equities Group Inc., Cortlandt Manor, N.Y.
Paramount, a state-licensed brokerage firm established in 1987, acquires and processes residential mortgage applications and places the loans with investors.
Command is diversifying beyond its principal objective of developing a secured credit card, on which the credit line is collateralized by a deposit. Last week, the company completed the acquisition of Franklin Credit and Leasing Corp., an equipment lessor. It has a bank acquisition pending in Florida.
Command said Paramount will apply for a New York State mortgage banking license. Another subsidiary, First Equities Corp., has an application pending for a mortgage banking license in Connecticut.