DALLAS -- NationsBanc Mortgage Corp. has agreed to buy three mortgage companies based in California for an undisclosed sum.
The agreements are with Cypress Financial Corp., Rancho Santa Margarita Mortgage Corp., and RSM Funding Corp., all California-based mortgage banks controlled by Mark McKinley, Brooks Thiele and John Delfino.
NationsBanc Mortgage, a unit of NationsBank Corp., views the acquisitions as a base for growth. "We want to use the combined resources of our companies as a springboard to developing more residential mortgage business" in the West, said Andrew D. Woodward Jr., president of NationsBanc Mortgage.
The California mortgage banks produce about $1 billion of mortgage loans yearly and own the rights to process payments on $1.3 billion in loans.