Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network, multiple sources told HousingWire.  

The transaction, confirmed by the companies, is a step to boost Movement’s presence on the East Coast amid shrinking loan origination volumes. The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch offices to Movement’s book of businesses. 

Movement is expected to announce the deal to its employees on Friday afternoon. 

The company did not disclose the financial terms of the deal. Houlihan Lokey served as financial advisor and Pierce Atwood served as legal advisor to Mortgage Network. Troutman Pepper details ⇒

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