BNC Mortgage Inc. said it has completed the purchase of certain assets of America's Lender Inc. and retained all personnel of the Internet-based wholesale mortgage operation.
Financial terms were not disclosed.
In the year that ended last June 30, America's Lender originated $843 million in prime mortgage loans. As a subsidiary of BNC, the unit will operate as Mortgage Logic.com Inc.
Kelly W. Monahan, BNC president, said Monday that the acquisition is part of a plan to diversify, into prime lending.
BNC Mortgage is a specialty finance company that originates, purchases, and sells nonconforming and conforming residential mortgages on a whole- loan basis.