Depository bank Western Alliance has reached a deal to acquire correspondent lender AmeriHome for $1 billion in cash, the firms announced late Tuesday afternoon.

With the acquisition, Western Alliance will grab full control of America’s third-largest correspondent lender from an affiliate of financial giant Apollo Global.

AmeriHome purchased approximately $65 billion in conventional conforming and government-insured originations in 2020. The nonbank lender works with a network of over 700 independent mortgage banks and credit unions. It also manages a mortgage servicing portfolio estimated at around $100 billion in details ⇒

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