Lower, a fast-growing mortgage lender that last year bought Movoto, announced Wednesday that it has acquired Acopia Home Loans.
In a statement, Lower described Acopia as “a residential mortgage lender with a strong presence across the Southeast.” The company has 14 branch locations, 36 loan originators, and does “more than $425 million in annual production,” the statement added.
Lower co-founder Mike Baynes added in the statement that his company is “excited to welcome Team Acopia.”
“Their strong relationships and reputation align with our vision to create the leading homeownership platform for originators and consumers, empowering more people to build wealth through homeownership,” Baynes added. “Together, we see a significant opportunity to accelerate our shared momentum.”
The companies did not disclose financial details of the deal.
Lower was founded in 2014 and has grown quickly thanks to backing by venture capital. However, it may be most familiar to Inman readers due to its acquisition of portal Movoto — and Movoto subsidiary OJO — last year. At the time the deal closed, the companies said in a statement that the acquisition would combine “Movoto’s significant reach with Lower’s lending platform and retail network.”
The acquisition of both Movoto and Acopia highlights a trend toward consolidation in the mortgage sector. The deals also capture the way mortgage firms are turning to both technology and venture capital to increase their reach.
In October, Lower also announced a marketing partnership with HomeSmart.
In the case of Acopia, Wednesday’s statement explains that the Lower acquisition “provides the resources and infrastructure needed to support the next phase of growth.”
“The future just got even brighter for our team,” Acopia President Joey Davidson said in the statement. “I firmly believe we have something special in our people, and folks who know us well would agree. I remain amazed that we were able to find a company that aligned so well with our values and vision. The team at Lower continues to impress day after day and has made our transition almost seamless. We are very thankful and excited to be a part of the Lower family.”
