Envoy Mortgage to acquire MasonMac distributed retail assets

Key facts

• Envoy Mortgage is acquiring the distributed retail assets of Mason-McDuffie Mortgage Corp.
• The transaction is expected to close by the end of August.
• Approximately 100 loan officers from MasonMac will join Envoy.
• The acquisition is anticipated to increase Envoy's annual funded volume run rate to over $3 billion.
• MasonMac will retain a smaller operational footprint, focusing on portfolio retention and mortgage servicing rights.

Envoy Mortgage has entered into an agreement to acquire the distributed retail assets of Mason-McDuffie Mortgage Corp. (MasonMac), a move that will integrate approximately 100 loan officers from MasonMac into Envoy's operations. The transaction, announced internally on Monday, is slated for closure by the end of August, with financial terms undisclosed.

This acquisition is part of MasonMac's strategic business realignment, which will see its distributed retail production teams transition to Envoy. Following the deal, Envoy's loan officer headcount is expected to reach about 240, and the combined entity aims for an annual funded volume run rate exceeding $3 billion. Envoy President Jesse Passafiume highlighted the strategic importance of the acquisition, noting Envoy's recent investments in people, processes, and technology to foster referral and affiliate relationships.

Passafiume indicated that no layoffs are anticipated, emphasizing the cultural and reputational alignment between the two companies, particularly in Western markets. Envoy plans to retain several of MasonMac's existing DBAs and team names. MasonMac will continue to operate with a reduced scope, focusing on portfolio retention and maintaining approximately $250 million in mortgage servicing rights.

Chuck Iverson, president and CEO of MasonMac, cited the challenging operating environment and the need for significant investment in technology, processes, and strategic partnerships as reasons for the sale. He stated that Envoy's growth and productivity model offered the best opportunity for MasonMac's team members.