American Portfolio Mortgage Corp. (APMC) and Town Square Mortgage (TSM) announced a merger agreement. The combined companies will have a total state license count of 36. Chicago-based APMC and Dallas-based TSM will each retain their individual names and brands. APMC will be the surviving legal entity after the merger is completed.
Sales Boomerang and Mortgage Coach officially rebranded as TrustEngine, with the newly redubbed company announcing the launch of its TrustEngine borrower intelligence platform (BIP). Through the BIP product category, the company aims to bring customer intelligence to the mortgage industry to improve customer retention.
Equity Prime Mortgage (EPM) filed a countersuit against NASCAR team Jesse Iwuji Motorsports (JIM) regarding the team’s claim that EPM violated its sponsorship deal. JIM sued EPM last year, alleging that the lender breached its 2021 sponsorship contract by failing to make more than $4 million in payments. EPM allegedly made payments to JIM through September 2022 but ceased payments after that. Per the lawsuit, EPM’s attorneys claim that the company signed up to sponsor Iwuji as the team’s driver, but Iwuji was later replaced due to inexperience.