American Pacific Mortgage eyes further expansion


California-based American Pacific Mortgage continues to expand its market footprint, announcing Thursday an asset purchase of Lend Smart Mortgage, LLC

Minnesota-based Lend Smart Mortgage has close to 30 branches nationwide, with its presence mainly stretching across the midwest. The terms of the asset purchase were not disclosed. 

According to APM’s spokeswoman, 27 branches will be brought on board, with 107 loan officers in total. 

APM is integrating Lend Smart by way of a “divisional model” where the Minnesota-based lender gets to retain its name, leadership and brand, accessing mortgage products and technology offered by APM.

“Through our divisional model, APM has experienced exponential growth over the past two years,” said Bill Lowman, CEO of American Pacific Mortgage in a written statement.

Lowman noted that APM has “attracted several well-known and established companies” that “want to plug into the APM engine…without losing their identity.”

Lend Smart Mortgage will provide APM with “production outlets in areas where APM is actively growing,” the company’s CEO said. That includes states like Minnesota and Arizona. 

In announcing its acquisition of Lend Smart Mortgage, APM said that it is open to bringing more branches onboard.

“Independent mortgage bankers seeking a similar divisional opportunity can contact Lowman for more information,” APM’s press release said. 

In the past two months, APM has been making strides to scoop up branches from defunct lenders, picking up close to 40 branches from Finance of America. Additionally, a chunk of employees were brought onboard from AmeriFirst Financial, which stopped funding loans in late December. 

Lowman speaking on a Mortgage Pro’s 411 podcast in January gave some insights into his business strategy in 2023, including a focus on market share.

“This is a cyclical business, there’s always ups and downs… and how [companies] navigate those transitions are the ones that are going to gain market share,”  said Lowman. “We have to measure ourselves by not comparing volume because it’s going to be way off and instead measure ourselves on market share.”

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