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Santa Ana-based mortgage lender Stearns Lending LLC said it acquired the wholesale, nondelegated correspondent and consumer-direct lending businesses of Primary Capital Mortgage LLC.
Terms of the transaction were undisclosed.
Atlanta-based PCM has experienced “significant growth” in the past four years, originating $1.9 billion last year, said a Stearns statement.
Stearns has offered positions to PCM mortgage production-related employees impacted by the transaction.
“Our two organizations both have complementary strengths and a commitment to excellence, which make our companies well suited to join forces,” Stearns Lending Chief Executive David Schneider said in the statement.
Houlihan Lokey served as the exclusive financial adviser to PCM.