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Luminate Bank buys select assets of First State Mortgage Services
The deal brings First State’s CEO-led team to Luminate’s mortgage platform and product suite, while financial terms were not disclosed.
Luminate Bank said it is expanding its mortgage presence across the Midwest and central U.S. through an asset purchase of select assets from First State Mortgage Services, with the incoming team integrating into Luminate’s mortgage platform and product suite. Minneapolis-based Luminate did not disclose financial terms. HousingWire reported that many of First State’s Illinois-based team members, led by CEO and president Rene Shaffer, will join Luminate Bank, which holds a national bank license in all 50 states. The companies said the seller holds the No. 1 market share position in Bloomington, Illinois. According to HousingWire data cited in the announcement, Luminate originated about $2.2 billion year to date and First State production was about $132 million over the same period. The update also said Luminate has 418 registered mortgage loan officers as of Thursday, based on Nationwide Multistate Licensing System data, while First State has 35. The platform integration will cover products including construction loans, non-QM offerings, and reverse mortgages, and the incoming group will plug into Luminate Home Loans, its mortgage business.