NEWPORT R.I.--()--Embrace Home Loans announces the appointment of Randy Johnson to the newly formed position of Senior VP of Corporate Development. Johnson will be wholly focused on leading Embrace’s acquisition of independent mortgage lenders with originations between $1 - 3 billion.
“We are going to look until we find the right partners. Our intention is to continue growing our retail business by leveraging our success with the Mason acquisition and other retail expansion investments made over the past three years”
Johnson joined Embrace three years ago and has been instrumental in developing the companies’ retail expansion. The expansion that includes, most notably, the acquisition of Mason Dixon Funding, based in Rockville, Md. in 2009.
“Randy is an ideal choice for this new position primarily because of the success of the Mason Dixon acquisition and its integration with Embrace,” according to Kurt Noyce, Embrace’s President. “He has first hand knowledge of Embrace, he’s been through the process and managed our retail division through an integration. By allowing him to have a singular focus, Randy will bring unique insight to Embrace that other advisors and headhunters just can’t.”
As for markets and timeframes Noyce sees significant opportunity for expansion as a result of changes in the mortgage lending industry, “We are going to look until we find the right partners. Our intention is to continue growing our retail business by leveraging our success with the Mason acquisition and other retail expansion investments made over the past three years,” said Noyce. “Embrace has the technology and infrastructure, not to mention the capital required. We see ourselves as an ideal match for many who may prefer to partner versus going it alone in this new environment of greater regulation, greater capital requirements and a contracting loan purchasing investor community. Our goal is to grow our retail-lending group by identifying companies in a variety of markets that can benefit from Embrace’s strengths. We want to enable business owners to continue to focus on production and business development and let Embrace handle the rest.”
A likely candidate for acquisition according to Noyce would be “a value-based organization with a focus on purchase money and at least $1 billion in production.” Noyce points out that Embrace has one of the strongest balance sheets amongst independents in the industry approaching one hundred million in equity.
For Johnson the ideal company is like-minded and one that does business in a reputable and caring way. “My role as Senior Vice President of Corporate Development is to fully utilize our resources in this search. By networking on multiple levels and tapping industry leaders that work with mortgage bankers, we can identify companies that might be a good fit.” Johnson continues, “There are companies out there in need of capital, systems or perhaps they need to increase staff to meet compliance requirements. They are efficient, mature organizations with a reputation for quality and we are looking to match our needs and our strengths with theirs. By investing in people, Embrace has seen robust activity in 2012, voted as one of the Top 25 places to work for mid-size companies in America seven out of the last eight years.”
About Embrace Home Loans:
Founded in 1983, Embrace Home Loans is a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and is an issuer for Ginnie Mae. For information on Embrace Home Loans expansion plans, please contact Randy Johnson at RandyL@embracehomeloans.com, or call 813.769.6688.