Coldwell Banker franchise affiliate Coldwell Banker Real Estate Group acquired California lender Point Mortgage, the firms announced on Wednesday.
Founded by Peter Mendiola and Johnny Margarini in 2000, Point Mortgage sponsors 126 MLOs and is licensed in 30 states with 27 branches across the country, according to the NMLS.
“This new association brings our company closer to our goal of a one stop shopping experience for buyers and sellers of real estate,” Mike Prodehl, president and CEO of Coldwell Banker Real Estate Group, said in a statement.
Terms of the deal were not disclosed.
Led by CEO Mike Prodehl, Coldwell Banker Real Estate Group was founded in 1984 and began its affiliation with Coldwell Banker in 1997. The firm has more than 1,700 agents across 60 offices throughout Wisconsin, Illinois, Indiana and Michigan.
The firm has “over 2,000 sales associates producing over $6 billion in sales volume and will soon be able to offer their clients a distinct advantage when considering financing through Point Mortgage,” according to the company.
In 2021, Coldwell Banker Real Estate Group closed more than $5 billion in sales volume, placing the company at No. 59 in the 2022 RealTrends 500 rankings.
Point Mortgage originated a total volume of $846.6 million in 2022, with purchase mortgages accounting for 70% and the rest coming from refis, home equity and construction loans, data from mortgage platform Modex showed. According to Modex, most of its mortgage transactions were closed in California, Illinois and Florida.
The California lender’s production volume dropped more than 46% from $1.58 billion in 2021, when 50% of its origination came from production mortgages.
“The original business concept behind Point Mortgage was to offer the best in mortgage products and services, not only to the general marketplace, but to the customers of our real estate company, Coldwell Banker West,” said Mendiola.