The definitive asset purchase agreement calls for a cash payout, part due at closing and the remainder over a 1 1/2-year period. The transaction is expected to close by the end of the fourth quarter. Specific conditions and costs are not being released. It is planned the homebuilder lending group will be absorbed into Prism Mortgage Co., a wholly owned subsidiary of Prism Financial. It is one of the nation's leading retail mortgage banking companies and a subsidiary of the Royal Bank of Canada.
Prism, which originated about $8 billion in loans last year, has more than 1,100 loan officers in 27 states and operates more than 150 retail branches plus maintains partnerships with major corporations and Internet companies.
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