Fathom Holdings Subsidiary, Encompass Lending Group, Acquires Cornerstone First Financial
Fathom Holdings (NASDAQ: FTHM) announced its subsidiary, Encompass Lending Group, has acquired Cornerstone First Financial, a residential mortgage lender based in Washington, D.C. The acquisition is expected to be immediately accretive, enhancing Fathom's technology-driven real estate services platform. Cornerstone First Financial specializes in various lending solutions, operating in key U.S. markets. CEO Josh Harley emphasized the opportunity for new lead generation strategies and significant growth in mortgage business following the acquisition.
- Acquisition of Cornerstone First Financial expected to be immediately accretive.
- Expansion of mortgage lending capabilities could significantly increase business for loan officers.
- Strengthening of the Encompass Lending platform with a reputable lender.
- None.
CARY, N.C., Feb. 15, 2022 /PRNewswire/ -- Fathom Holdings Inc. (NASDAQ: FTHM), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that its subsidiary, Encompass Lending Group, has acquired Washington, D.C.-based Cornerstone First Financial, a residential mortgage lender. The acquisition is expected to be immediately accretive. Other terms of the transaction were not disclosed.
Cornerstone First Financial provides a full range of residential lending solutions to individuals and families, offering mortgages for home purchase, debt consolidation and refinancing, as well as home loans for veterans and first-time home buyers. An equal housing lender, Cornerstone First Financial operates in multiple key markets including California, Colorado, Florida, Georgia, Maryland, Pennsylvania, Virginia, and Washington, D.C.
"I'm excited to welcome Cornerstone to our Fathom family. Mark Livingstone and his team bring a unique expertise to Encompass Lending, and once implemented across many of our markets, could significantly bring more mortgage business to our loan officers," said Josh Harley, Fathom Holdings' founder and CEO. "I look forward to fulfilling new lead generation strategies that benefit each of our mortgage, real estate, title and insurance businesses, and as we integrate mortgage lending deeper into our technology platform, we believe we can take this opportunity to an even greater level. When we acquired Encompass Lending in April 2021, I stated that I believed the acquisition could help us attract additional successful mortgage teams and smaller lending operations to our company. I am pleased to prove that statement true through this acquisition of Cornerstone First Financial."
Recognized by Washingtonian Magazine as one of the top mortgage professionals in Washington, D.C., and a popular radio and podcast personality, Mark Livingstone founded Cornerstone First Financial in 2001 based on ethics-driven principles and an ongoing commitment of providing value and service to clients through education and awareness.
"We founded Cornerstone with a strong desire to help improve the lives of others through home ownership," said Livingstone. "For more than 20 years, our company has been guided by deep-rooted ethical values, trust, and an unwavering work ethic. Our seamless transition to Encompass Lending demonstrates the shared servant-leadership ideals that form the basis of Fathom's wonderful culture."
"We are thrilled to add Cornerstone First Financial to the Encompass Lending family," said Sean Varin, president, Encompass Lending Group. "The acquisition enhances our lending platform and adds to our already growing footprint. We are excited to expand the Cornerstone First Financial model beyond being 'the voice' of mortgage lending in Washington, D.C. to being the voice of mortgage lending in the United States."
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements," including, but not limited to, the company's ability to significantly bring more mortgage business to its loan officers. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the other risk factors set forth from time to time in our SEC filings, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contacts:
Roger Pondel/Laurie Berman
PondelWilkinson Inc.
investorrelations@fathomrealty.com
(310) 279-5980
Marco Fregenal
President and CFO
Fathom Holdings Inc.
investorrelations@fathomrealty.com
(888) 455-6040
Media Contact:
George Medici
PondelWilkinson Inc.
gmedici@pondel.com
(310) 279-5980
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SOURCE Fathom Realty
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