Lower previously acquired housing portal and technology company Movoto and entered into a marketing partnership with HomeSmart. The deal with Acopia will help the company expand in the Southeast.
Lower, the fast-growing housing finance company that acquired Movoto last year, announced Wednesday that it has acquired Acopia Home Loans.
In a statement, Lower described Acopia as “a mortgage lender with a strong presence throughout the Southeast.” The company has 14 branches, 36 loan originators and “annual production in excess of $425 million,” the statement added.
Lower co-founder Mike Baynes added in a statement that his company is “thrilled to welcome Team Acopia.”
“Their strong relationships and reputation align with our vision to build the leading homeownership platform for homeowners and consumers, enabling more people to build wealth through homeownership,” Baines added. “Together, we see significant opportunities to accelerate our shared momentum.”
The companies did not disclose financial details of the deal.
Lower was founded in 2014 and has grown rapidly with venture capital backing. But to Inman readers, it may be best known for its acquisition last year of portal Movoto and Movoto subsidiary OJO. The companies said in a statement upon closing that the acquisition brings together “Movoto’s significant influence with Lower’s lending platform and retail network.”
The acquisitions of both Movoto and Acopia highlight the trend of consolidation in the mortgage sector. The deal also captures how mortgage companies are turning to both technology and venture capital to expand their reach.
In October, Lower also announced a marketing partnership with HomeSmart.
In Acopia’s case, Wednesday’s statement said the Lower acquisition “will provide the necessary resources and infrastructure to support its next phase of growth.”
“The future is even brighter for our team,” Acopia President Joey Davidson said in a statement. “We strongly believe that our people are special people, and those who know us well will agree. We are still amazed that we were able to find a company that aligns so well with our values and vision. The team at Lower continues to impress me every day, and our transition has been almost seamless. We are extremely grateful and excited to be part of the Lower family.”
Email Jim Dalrymple II
