Houlihan Lokey Advises Mortgage Network
Houlihan Lokey is pleased to announce that the retail mortgage operations of Mortgage Network, Inc. (Mortgage Network), have been acquired by Movement Mortgage, LLC. (Movement). The transaction closed on November 30, 2022.
Mortgage Network was founded in 1988 in Danvers, Massachusetts, by Robert McInnes, current Chairman and CEO, and Albert Pare. With $2.5 billion of production volume funded over the past 12 months, Mortgage Network is one of the largest privately held, independent mortgage companies in the eastern U.S., with branch offices and licenses in 27 states. Mortgage Network offers a flexible menu of agency direct, portfolio, and jumbo solutions and is backed by its proprietary, award-winning technology. Year after year, more than 98% of Mortgage Network customers and referral sources say they would recommend the company to family and friends.
Funding approximately $30 billion in residential mortgages annually, Movement is the sixth largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with upfront underwriting and a seven-day loan processing goal. The company employs more than 1,500 loan officers, has more than 550 branches in the U.S., and is licensed in all 50 states. After funding its balance sheet and investing in future growth, Movement’s profits are paid to its primary shareholder, the nonprofit Movement Foundation.
The lender plans to retain Mortgage Network’s staff across the acquired branch network and integrate with its existing distributed retail business.
Houlihan Lokey served as the exclusive financial advisor to Mortgage Network and assisted in marketing, structuring, and negotiating the transaction. The deal highlights Houlihan Lokey’s continued expertise in the residential mortgage sector.