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Legacy Bank and Trust Co. and its holding company Ozark Heritage Financial Group Inc. (OHFG), recently announced the acquisition of Crain Mortgage Group LLC, a Dallas secondary market FHA/HUD multifamily loan originator.
Crain Mortgage Group has changed its name to Legacy Capital effective January 1st. 1.
Company name. All current Crain Mortgage Group employees will remain employed by Legacy Capital, it said.
Founded in 2007 by Daniel and Carol Crain, Crain Mortgage Group has been a HUD-approved originator and servicer of Multi-Family Expedited Processing (MAP) since 2007.
Since its inception, Crain has originated over $710 million in HUD loans and serviced over $240 million. mortgage loans, the company said.
Legacy/OHFG President Brett Mager will lead the newly formed Legacy Capital as CEO, while Kylie Brown will serve as President/COO.
The company also hired Steve Hunter as production manager. He has more than 20 years of HUD financing experience and will use his expertise to transform existing infrastructure into a lean and efficient operation, the company said.
Mager said he is excited to welcome Crains to the OHFG/Legacy world and looks forward to building on an already excellent business and customer base in the Dallas area and beyond.
The Crain’s are well known in the HUD/FHA arena and are pleased to contribute their expertise and client base to our vision of becoming a national leader in affordable housing finance.
According to Hunt, the development of Legacy has been truly impressive and I am excited to be a part of the next phase of development.
The FHA-insured financing program will complement the bank’s offerings and facilitate customers seeking long-term, fixed-rate, non-recourse options for their development projects and refinancing needs.
Legacy Capital announced that it will continue to operate an office in Dallas with an office in Westport, Connecticut, and will establish an office in Springfield, Missouri, where Legacy/OHFG Inc. is managed and owned.
The acquisition allows Legacy to expand its platform to provide long-term affordable housing and market-rate multifamily debt solutions, the company said.
Legacy Capital said in a statement that Legacy has positioned itself as an affordable residential bridge/construction lender in the multistate area and seeks to meet the long-term fixed-rate needs of its existing client base through government-backed solutions.
Through this acquisition, OHFG, Inc./Legacy offers customers a unified home financing service at an affordable price.
Reference Source: National Mortgage Professional
