A New Mexico company has signed a letter of intent to buy the Iowa-based home mortgage firm Iowa Mortgage Professionals of West Des Moines. I.M.P. president, Randy Stevens, says the sale should not impact Iowans who have a mortgage through the company. Stevens says the deal will help the company, which he says has done well despite problems in the housing market.
Stevens says a lot of companies have gone out of business, but his company has survived and expanded, and this will allow them to expand in Iowa and the midwest region.
Ron Hanna, the president of PSM Holdings, which is buying the Iowa company, says they have completed four similar deals since March.
Hanna says they are in a “very aggressive” growth pattern right now and are acquiring companies all over the U.S., which will increase their loan production up to $100-million a month. The sale of the Iowa company is expected to close in early October.