Jet HomeLoans Expands Capabilities with Cherry Creek Acquisition
In a strategic move designed to enhance its competitive offerings, Jet HomeLoans has announced its acquisition of Cherry Creek Mortgage Company. Kelley Hailstone, President of Jet HomeLoans, expressed enthusiasm about this development, highlighting the importance of being a Freddie Mac and Ginnie Mae-approved lender. “It’s a strategic move on our part to obtain that better execution. Our intention is to provide better affordability to our customers who are buying Dream Finders homes and pass that along as more competitive offerings for consumers,” said Hailstone in a recent interview.
Transaction Details
As part of this transaction, eight employees from Cherry Creek will join the Jet HomeLoans team. This acquisition aligns with Jet HomeLoans’ goal of expanding its operational and service capabilities within the mortgage industry.
Company Background
Founded in 2017 as a joint venture with Dream Finders, Jet HomeLoans reported approximately $2.3 billion in mortgage origination volume for the year 2024. Dream Finders, recognized as a top-10 homebuilder primarily focused on the Sun Belt region, acquired full ownership of Jet HomeLoans earlier this year. Additionally, Dream Finders made another strategic move by purchasing Alliant National Title Co.
Mortgage Buydowns and Future Plans
Similar to practices employed by many major homebuilders, Dream Finders has been utilizing both temporary and permanent mortgage buydowns to attract potential homebuyers. Looking towards the future, Jet HomeLoans plans to expand its offerings once it secures the necessary approvals to operate as a direct seller.
Collaborative Opportunities
Post-acquisition, Hailstone announced that Jet HomeLoans is open to exploring partnerships with other lenders seeking correspondent relationships. This openness suggests a commitment to fostering collaborative growth within the mortgage lending sector.
Industry Activity
This acquisition comes in the wake of increased merger and acquisition activity in the mortgage industry. Recently, Bank7, a community bank, acquired a smaller independent mortgage bank based in Oklahoma, while Union Home Mortgage announced the acquisition of Houston-based NRL Mortgage, a notable lender with $1 billion in volume.
Advisory Support
In facilitating this acquisition, Jet HomeLoans received advisory support from firms including Sterling Point Advisors, Milliman, and McGlinchey Stafford.
