This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Universal American Mortgage Company Acquires Certain Assets Of Pinnacle Mortgage Group, Inc.

Stocks in this article: LEN LEN.B

MIAMI, April 7, 2014 /PRNewswire/ -- Universal American Mortgage Company (UAMC), the mortgage banking subsidiary of Lennar Corporation (NYSE: LEN & LEN.B), one of the nation's largest homebuilders and a member of the S&P 500, announced today that it has acquired certain assets of Pinnacle Mortgage Group, Inc. (Pinnacle). The STRATMOR Group served as the exclusive advisor to UAMC and initiated this transaction. 

Pinnacle, a Colorado-based mortgage company founded in 1995, is licensed in seven Western states and has ten established retail office locations in Southern California and Colorado.  Pinnacle will join UAMC's retail mortgage operations operating under the Pinnacle Mortgage Group brand name while transitioning to UAMC's retail brand name, Eagle Home Mortgage. The combined company is licensed in 26 states and has 100 branch offices.

"We're excited about the opportunity to grow our presence in California and Colorado through this acquisition which we believe is an excellent cultural fit," said Jimmy Timmons, President of UAMC. "Both organizations have enjoyed success over the years by building strong team cultures and focusing on customer satisfaction."

As part of UAMC, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be approved directly as a seller and servicer with the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Government National Mortgage Association (GNMA).  

"We believe leveraging the vast resources of the Lennar Family of Companies will strengthen our value proposition and grow market share," said Todd Henderson, who founded Pinnacle with Brian Rindels. Rindels added, "We look forward to building a stronger franchise together to become the destination of choice for top-tier loan originators." Henderson and Rindels will remain with the company as leaders of Pinnacle.

UAMC primarily provides financing solutions for home buyers purchasing homes built by Lennar Corporation. Pinnacle and Eagle Home Mortgage are traditional retail mortgage operations serving new and resale home buyers.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs