"Founded in 2008 and headquartered in Melville, New York, Reliance is a fully integrated direct-to-consumer mortgage origination platform that has 315 employees, including more than 150 loan officers and sales managers, across six call centers. Reliance originates approximately $1 billion in mortgages each year across government, agency, non-agency/non-QM and second-lien loan products. The company's servicing portfolio of more than 16,000 customers and $3 billion in unpaid principal balance will move onto Carrington's platform once the transaction closes."
"Carrington's assessment of Reliance involved an evaluation of its history of loan originations and credit performance across several market cycles specifically, Reliance's proprietary, integrated retail loan origination system with automation and AI features. Carrington said the company's infrastructure and direct-to-consumer model position it for growth and mortgage servicing rights recapture opportunities. It added that its financial profile shows low leverage, access to credit facilities and steady earnings."
Reliance First Capital, founded in 2008 and headquartered in Melville, New York, operates a direct-to-consumer mortgage origination platform with 315 employees, including more than 150 loan officers and sales managers across six call centers. Reliance originates about $1 billion annually across government, agency, non-agency/non-QM and second-lien products. A servicing portfolio of over 16,000 customers and $3 billion in unpaid principal balance will move onto Carrington's platform after closing. Carrington evaluated Reliance's origination history and credit performance across market cycles and highlighted its proprietary retail origination system with automation and AI. Carrington identified infrastructure, low leverage, access to credit facilities and steady earnings as strengths. Piper Sandler & Co. was exclusive financial adviser.
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