The Fort Lauderdale-based parent of First American Mortgage Securities Inc. has signed a letter of intent to acquire AFR Funding, a Virginia-based wholesale subprime mortgage bank, according to a Tidalwave prepared statement.
Once the deal closes, Tidalwave officials expect the acquisition to complement the company's recent joint venture with Clearwater, FL-based CFI Mortgage Inc. The venture created First American Capital Markets Group Inc. as a subsidiary of First American Mortgage Securities to manage secondary mortgage marketing operations for First United MortgageBanc Inc., a CFI subsidiary.
Tidalwave, which unveiled plans earlier this year to expand its mortgage banking operations, is building a network to provide capital-market services to small banks, credit unions and mortgage companies.
Following the buyout, the company would charge Steven Woods, AFR Funding president, with the task of converting the newly acquired operation into a national wholesale mortgage operation from its current role as regional provider.
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