Wintrust Financial Corp. unit Barrington Bank & Trust Co. NA, through its division, Wintrust Mortgage, will acquire certain assets and assume certain liabilities of iFreedom Direct Corp., which does business as Veterans First Mortgage.
The agreement is expected to cover servicing rights from Veterans First Mortgage on approximately 9,000 loans, totaling an estimated $1.4 billion in principal balance.
Through the acquisition, Wintrust Mortgage is expected to get a platform that integrates customer relationship management technology, customized loan origination software and telephony systems. The transaction will also expand the company's size and structure, Wintrust Mortgage President and CEO David Hrobon said in a news release.
The terms of the cash transaction were not disclosed, but a significant price for Veterans First Mortgage assets will be conditioned on certain future profitability measures.
The transaction is expected to be slightly accretive to Wintrust Financial's 2018 EPS.
