CrossCountry Mortgage Announces Acquisition of First Choice Loan Services Inc.

Brecksville, Ohio | May 13, 2020 — CrossCountry Mortgage, LLC (CCM), a nationwide mortgage lender headquartered in Brecksville, Ohio, is pleased to announce the acquisition of the assets of New Jersey-based residential mortgage lender First Choice Loan Services Inc. The acquisition is the result of a thoughtful search process and extensive discussions between the leaders of the two companies.

Ron Leonhardt, CEO of CrossCountry Mortgage, is proud to welcome the team from First Choice. “The addition of this group is a terrific fit for us. We are pleased that they chose to join us. It enhances both our strategic growth in several regions as well as our consumer-direct component. Our team committed to, and achieved, a smooth transition for the loan originators and we are seeing immediate success with this transaction.”

“We explored our options with several other companies, but CCM stood out,” said Executive Vice President Norman Koenigsberg. “Ron and his leadership team made this process transparent and clear. We laid out a roadmap for success in our first meeting, and CCM never deviated from it. To my knowledge this is one of the first successful bank-to-non-bank integrations following the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The transition has been seamless. They really are crazy good!”

“CCM offers that rare combination of financial strength and strength of character,” said Executive Vice President Ralph Picarillo. “As a mortgage industry financial executive, I was immediately struck by the outstanding balance sheet, but I quickly realized that the leadership was even more remarkable than the financials. CCM’s reputation for integrity is well-deserved on all levels.”

“In my 25-plus years of mortgage industry business development and recruiting I have never seen a company that truly puts the loan originator first, above the company,” said Executive Vice President James Iley. “Not only are the dollars allocated to advance the loan originators and build their market share, but they take first position on all marketing. Truly the CCM difference.”

Regarding First Choice’s Mortgage Program for Costco Members, Executive Vice President Bill Schneider added, “There was an extensive review process on both sides to ensure that that Program would go forward with the high level of service required to provide the outstanding experience Costco members expect. CCM was the company that more than met the requirements.”