Deloitte Corporate Finance LLC Advises Pinnacle Mortgage Group, Inc. on its Sale to Universal American Mortgage Company

Deloitte's picture
Printer-friendly versionPrinter-friendly versionPDF versionPDF version

CHARLOTTE, N.C., Aug. 19, 2014 – Universal American Mortgage Company (“UAMC”), the mortgage banking subsidiary of Lennar Corporation (NYSE: LEN & LEN.B), one of the nation's largest homebuilders and a member of the S&P 500, announced that it has acquired certain assets of Pinnacle Mortgage Group, Inc. (“Pinnacle”). Deloitte Corporate Finance LLC (“DCF”) served as the exclusive financial advisor to Pinnacle.

Pinnacle, a Colorado-based mortgage company founded in 1995, is licensed in seven Western states and has 10 established retail office locations in Southern California and Colorado. Pinnacle will join UAMC's retail mortgage operations operating under the Pinnacle Mortgage Group brand name while transitioning to UAMC's retail brand name, Eagle Home Mortgage. The combined company is licensed in 26 states and has 100 branch offices.

"We're excited about the opportunity to grow our presence in California and Colorado through this acquisition which we believe is an excellent cultural fit," said Jimmy Timmons, president of UAMC. "Both organizations have enjoyed success over the years by building strong team cultures and focusing on customer satisfaction."

As part of UAMC, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be approved directly as a seller and servicer with the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Government National Mortgage Association (GNMA).  

"We believe leveraging the vast resources of the Lennar Family of Companies will strengthen our value proposition and grow market share," said Todd Henderson, who founded Pinnacle with Brian Rindels. Rindels added, "We look forward to building a stronger franchise together to become the destination of choice for top-tier loan originators." Henderson and Rindels will remain with the company as leaders of Pinnacle.

UAMC primarily provides financing solutions for home buyers purchasing homes built by Lennar Corporation. Pinnacle and Eagle Home Mortgage are traditional retail mortgage operations serving new and resale home buyers.

About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Deloitte Corporate Finance LLC provides deal execution and lead financial advisory services to large corporate, middle market, and private equity firms. Deloitte Corporate Finance LLC has access to the resources of the Corporate Finance Advisory practices of the member firms (and their affiliates) within the Deloitte Touche Tohmatsu Limited network of member firms. Together with Deloitte Corporate Finance LLC, these practices include in excess of 1,900 professionals, working collaboratively in 150 international locations. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.

News Source : Deloitte Corporate Finance LLC Advises Pinnacle Mortgage Group, Inc. on its Sale to Universal American Mortgage Company
Copy this html code to your website/blog to embed this press release.