Vanderbilt to acquire Silverton Mortgage

3/9/2018

Silverton Mortgage Specialists, Inc. is pleased to announce that it has signed a definitive agreement to join the Berkshire Hathaway family of companies through an acquisition by Vanderbilt Mortgage and Finance, Inc. It is anticipated that this strategic transaction will enable Silverton Mortgage to continue its rapid growth as a national home lender while retaining its name, leadership, employees and corporate identity following the transaction. It is also anticipated that, as a result of this transaction, Silverton Mortgage will expand its footprint and increase its access to capital to develop an expanded line of products and services for its clients. There will be no lapses in service for borrowers currently working with the company.

“While we were not actively looking to be acquired, we are grateful for this opportunity to expand our services, both in terms of geographic footprint and loan product offerings, while keeping our identity and the great people that have built our culture of unparalleled service to our customers and communities,” said Josh Moffitt, who will remain the president and CEO of Silverton Mortgage. “This is a unique opportunity to keep what makes Silverton special, while also improving the service and lives of our customers and employees.”

Founded in 1998 with just two employees working from an Atlanta bedroom, Silverton Mortgage has grown to more than 170 employees operating across 12 states and Washington, D.C. It was listed among the Best Places to Work by the Atlanta Business Chronicle in 2016 and 2017 and Top Workplaces by the Atlanta Journal Constitution in 2016, while Moffitt has been recognized among the nation’s top mortgage leaders in Mortgage Professional America’s Hot 100 in 2015 and 2018.

Upon completion of the transaction, Silverton Mortgage expects to build upon its customer service focus, which averages a more than 98 percent satisfaction rating from clients and real estate agents. Silverton Mortgage will add the ability retain loans for servicing throughout the life of a loan, from application until the buyer pays off the mortgage or sells the home.

“Silverton Mortgage shares our commitment to providing a world class experience for customers and team members,” said Vanderbilt Mortgage and Finance, Inc. President Eric Hamilton. “They are an excellent fit for our culture, and we are happy to welcome them to our family.”

For over 40 years, Vanderbilt Mortgage has offered financing for manufactured and modular homes. The company currently services over 200,000 loans and has expanded its services to offer financing for eScore energy efficient home improvement.

The Silverton Foundation, a nonprofit organization founded by Moffitt that provides mortgage and rent assistance for families with hospitalized and critically ill children, is not being acquired by Vanderbilt Mortgage and Finance, Inc., and will continue to operate under the direction of Moffitt and its volunteer committee with support from loans closed by Silverton Mortgage. Vanderbilt will provide further opportunities for the organization to grow, including the resources to serve more hospitals in the Southeast and more quickly meet the foundation’s goal of paying 100 years’ worth of mortgage or rent for families.

“Vanderbilt’s resources give us the opportunity to continue building on the service that has made us a leader in the mortgage industry and a mainstay on rankings for best places to work,” Moffitt added.

The final transaction remains subject to state and federal licensing approval.

Source: Knoxville News Sentinel

The East Tennessee Economic Development Agency markets and recruits business for the 15 counties in the greater Knoxville-Oak Ridge region of East Tennessee. Visit www.eteda.org

 

 

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