The Giant Movement Mortgage: How Big Is It?

Movement Mortgage is a direct mortgage lender that was founded in 2008 and is headquartered in Fort Mill, South Carolina. The company has grown significantly since its founding, now employing over 5,000 people and operating in all 50 states. With an annual loan volume of $30 billion, Movement Mortgage is the sixth-largest retail mortgage lender in the US, known for its innovative mortgage process and competitive rates. The company has a unique culture and values system, with a focus on community and servant leadership, and contributes a significant portion of its profits to national and global initiatives.

Movement Mortgage's acquisition plans

Movement Mortgage is a direct mortgage lender headquartered in Fort Mill, South Carolina, with over 775 loan officers across 49 states. It was founded in 2008 by former pro football player Casey Crawford, who continues to own 100% of the company's voting shares. The Movement Foundation owns the remaining 49% of the company.

The company has experienced tremendous growth since its founding, increasing from just four employees in 2008 to more than 4,300 in 2017. As of 2022, the company employs more than 5,000 people and has more than 650 branches in the US.

Despite the challenges posed by the shrinking mortgage market, Movement Mortgage has ambitious acquisition plans. The company has a war chest that it plans to use to support these acquisitions. While Movement Mortgage has no limit on the size of the companies it acquires, it prefers to target midsize lenders with between $5 billion and $7 billion in origination volume per year. This preference is due to the challenges that some of its competitors have faced when integrating large acquisitions.

In line with this strategy, Movement Mortgage has made several acquisitions and deals in recent years. In 2019, it expanded its market share in the Pacific Northwest and Mountain West by acquiring a significant portion of Lennar's mortgage arm, Eagle Home Mortgage. More recently, in 2022, Movement Mortgage expanded its presence in New England by acquiring Superior Rate Mortgage. This acquisition added 200 employees and approximately $1.6 billion in annual volume to the company's New England operations.

Looking forward, Movement Mortgage has expressed interest in acquiring midsize lenders while remaining focused on the distributed retail channel. The company's strong balance sheet and positive culture are expected to facilitate these acquisitions.

Movement Mortgage's expansion in New England

Movement Mortgage is a direct mortgage lender founded in 2008 and based in Fort Mill, South Carolina. The company has experienced tremendous growth since its founding, now employing over 4,300 people across licensed operations in 49 states.

In terms of its expansion in New England, Movement Mortgage has made several strategic acquisitions and shown consistent year-over-year growth in each New England state for the past five years. The company's presence in the region was first established in Rhode Island, where it has been the top purchase lender for three consecutive years.

One notable acquisition in New England was that of Superior Rate Mortgage of New England, LLC, based in North Andover, Massachusetts. Superior Rate, founded in 2014, was the largest mortgage brokerage in New England, with a sales volume of $412 million in the past year. This acquisition allowed Movement Mortgage to expand its market share in the region and bring on board Superior Rate's entire staff of 48 employees, led by Matt Rasetta, who joined as a market leader.

Another significant expansion move in New England was the agreement to acquire the New England-based Mortgage Network in 2022. Mortgage Network, headquartered in Danvers, Massachusetts, and licensed in 27 states, added over 30 branches in 12 Eastern states to Movement Mortgage's operations. The company plans to retain Mortgage Network's personnel and integrate their business with its retail operations. This acquisition is expected to increase Movement Mortgage's annual mortgage volume by $2 billion.

These acquisitions and consistent growth in the region demonstrate Movement Mortgage's commitment to expanding its presence in New England and strengthening its position as one of the fastest-growing mortgage companies in the area.

The size of the company

Movement Mortgage is a large and growing company. It was founded in 2008 with just four employees and has since grown to employ more than 5,000 people, with more than 650 branches in the U.S. and a presence in all 50 states. The company is headquartered in Fort Mill, South Carolina, and has over 775 loan officers across 49 states.

In terms of financial performance, Movement Mortgage is the sixth-largest retail mortgage lender in the U.S., with an annual loan volume of $30 billion. The company services approximately $30 billion in residential mortgages annually and has an ambitious acquisition strategy, targeting mid-size lenders with an origination volume of between $5 billion and $7 billion per year.

The company's rapid growth has led to plans to double the size of its headquarters. In 2017, Movement Mortgage announced a $18 million investment to construct a new three-story, 90,000-square-foot building adjacent to its existing headquarters in Lancaster County, South Carolina. The new building, which was expected to open in January 2019, will accommodate the company's growing team, including a larger information technology team, the retail sales support team, and affiliates such as Movement Insurance.

Despite the challenges of a shrinking mortgage market, Movement Mortgage has continued to take market share and expand its operations. The company's CEO, Casey Crawford, has attributed this success to the productivity gained from having team members face-to-face in the same location. Movement Mortgage's acquisition strategy has also contributed to its growth, with the company shifting from organic growth to attracting bigger groups and producers.

Movement Mortgage's loan process

Movement Mortgage is a direct mortgage lender founded in 2008 and based in Fort Mill, South Carolina. It services loans in all 50 states and has over 775 loan officers across 49 states. The company has experienced tremendous growth since its founding and currently employs more than 4,300 people across licensed operations in 47 states.

Now, let's delve into the loan process at Movement Mortgages:

Step 1: Initial Consultation and Assessment

In the first step, you'll be connected with a Movement Mortgage loan officer. Together, you'll assess your credit, discuss your financing options, and establish expectations. This initial consultation sets the stage for the rest of the process.

Step 2: Information Gathering

In this stage, you'll work closely with your loan officer to gather essential documents and information. This includes providing items such as W2s, pay stubs, bank statements, and employment history. The faster you can provide these documents, the smoother the process will be.

Step 3: Processing

Once your loan application has been submitted, it enters the processing stage. Movement Mortgage's goal-oriented approach sets them apart from other lenders. They aim to have closing documents ready weeks before the closing date, avoiding last-minute rushes or missed deadlines. Their unique process has led to over 75% of their loans being processed in 7 business days or less.

Step 4: Underwriting

The Underwriter will now review your loan and ensure that all conditions have been met. This step involves a thorough verification of the information you provided. Movement Mortgage aims to provide underwriting results within six hours of receiving your application, a remarkably quick turnaround time.

Step 5: Closing

In the final stage, Movement Mortgage works with a closing attorney to assemble the final paperwork and confirm the total funds needed for closing. Their goal is to make closing day as smooth and stress-free as possible, and they even offer a one-day closing option.

Throughout the loan process, Movement Mortgage strives to provide a streamlined, transparent, and customer-centric experience. Their commitment to making mortgages simple and stress-free has earned them high rankings in customer satisfaction.

The company's culture

Movement Mortgage is a company with a strong culture and set of values. The company was founded in 2008 by former pro football player Casey Crawford, who remains the sole owner of voting shares, and currently employs over 5,000 people across the United States.

In terms of its lending practices, Movement Mortgage is known for its lenient credit requirements, helping borrowers with moderate or lower credit scores and higher debt-to-income ratios to qualify for mortgages. The company offers a range of mortgage options, including adjustable-rate (ARM) and fixed-rate mortgages, as well as FHA, VA, and conventional loan options. Movement Mortgage also prides itself on its innovative and efficient mortgage process, with its "6-7-1 process" aiming to have loans underwritten within six hours, processed within seven days, and prepared for closing within one additional business day.

Overall, Movement Mortgage's company culture is characterised by a commitment to people, both its employees and the communities it serves, as well as a focus on growth, innovation, and providing accessible financial services.

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