Movement Mortgage taking another big step to Grow in Charlotte

Movement Mortgage has just expanded its market on the east coast by acquiring the Massachusetts based, Mortgage Network Inc. Expected to add $2 billion in additional annual mortgage loan volume to Movement’s origination platform. The purchase will also increase Movement’s national retail mortgage footprint by 250 additional mortgage professionals and 31 branch offices.

Founded in 1988 by Robert McInnes and Albert Pare, Mortgage Network is a privately held independent mortgage companies in the eastern U.S., with branch offices and licenses in 27 states. Movement expects to retain the staff across the acquired branch network and integrate the business with its existing retail network of more than 550 branches and 1,500 loan officers nationwide.

Founded in 2008 during the financial meltdown, Movement Mortgage, based in Indian Land, SC now funds about $30 billion in residential mortgages annually. It employs more than 4,000 people, has more than 650 branches in the U.S., and is licensed in all 50 U.S. states.

Company profits, after funding its balance sheet and investing in future growth, are paid to its primary shareholder, the nonprofit Movement Foundation, which uses the money to invest in schools, affordable housing, communities, and global outreach, Movement said. To date, the foundation has received more than $360 million from Movement Mortgage.

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