Union Bankshares has bought Mortgage Capital Investors, an independent mortgage banking company with headquarters in Springfield, Va. Mortgage Capital Investors originates, underwrites, closes, and sells residential mortgage loans through 13 offices in Virginia, Maryland, North Carolina, and South Carolina.
Mortgage Capital reported originations of $323 million in its fiscal year ended March 31, 1998, making it the 13th-largest mortgage lender in metropolitan Washington. Originations for the first nine months of 1999 are expected to exceed $400 million.
Mortgage Capital will operate as a subsidiary of Union Bank and Trust Co. and will consolidate Union Mortgage into its operations. Mortgage Capital's headquarters will remain in Springfield.