New American Funding (NAF) has announced its acquisition of Draper and Kramer Mortgage Corp. (DKMC), confirming a transaction that has been rumored to be taking place for the past several days.
NAF, based in the Los Angeles Area, had a servicing portfolio of more than 255,000 loans, representing some $67.2 billion, before its purchase of DKMC, per a statement from the company. DKMC had been the home lending subsidiary of prominent property and financial services company Draper and Kramer, Inc., based in Chicago. Established in 1893, Draper and Kramer has the distinction of holding the country’s oldest active Federal Housing Administration license, according to a press release.
Assets involved in the transaction include DKMC’s single-family mortgage operation and personnel, with DKMC being rebranded as part of the New American Funding umbrella. According to NAF, “a majority” of DKMC’s loan originators, as well as operations and support staff, will be brought into the NAF fold. The move also enables New American “to fill existing open roles in various departments with experienced personnel from DKMC.”
NAF already has more than 200 locations across the country, but the purchase bolsters its footprint on the East Coast and in the Midwest, where DKMC has a strong presence.
“We are thrilled to welcome Draper and Kramer’s mortgage division to NAF. Their reputation as one of the best mortgage companies in the nation aligns perfectly with our mission to provide top-notch service to our clients. This acquisition is a testament to our focus on growth while helping our customers achieve their dreams,” said Rick Arvielo, co-founder and CEO of NAF.
“As a company, we are always looking for ways to expand and improve our services,” Arvielo continued. “This strategic move will allow us to expand our footprint and better serve clients in the Midwest and East Coast regions. We are also excited to welcome the talented loan originators and support staff from Draper and Kramer, who will bring a wealth of knowledge and experience to our team.”
