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Absolute Home Mortgage Corporation has struck a deal to acquire the assets of Fidelity Direct Mortgage (FDM), the company confirmed on Tuesday. Financial terms of the transaction were not disclosed.
Absolute — a mid-size independent mortgage bank based in Fairfield, New Jersey — is adding FDM’s team of 55 producing loan officers, who originated about $335 million in mortgages over the past 12 months, according to RETR. Over the same period, Absolute originated $1 billion with roughly 190 loan officers, the data shows.
Gaithersburg, Maryland-based FDM primarily serves the Northeast and aims to enhance its operational scale and broaden product access. The companies said the combination will strengthen their competitive position for both loan originators and consumers.
Maria D’Souza-DaTa, founder and president of FDM, said in a statement that the agreement gives the company “access to the expanded infrastructure and national footprint needed in today’s market.” She added that the deal “positions our teams for sustained success in an evolving market and ensures that the platform we operate within is built for long-term strength.”
D’Souza-DaTa will join Absolute as executive operations manager and become a member of its board.
Matt VanFossen, Absolute’s CEO, said in a statement that “Maria’s leadership and perspective have already played an important role in shaping our shared strategic vision.”
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