Luminate Bank acquires select assets of First State Mortgage Services

Minneapolis-based Luminate Bank has acquired select assets of First State Mortgage Services, the companies announced Thursday. Financial terms were not disclosed. The deal represents an expansion of the bank’s mortgage presence across the Midwest and central U.S. Many members of Illinois-based First State Mortgage’s team, led by CEO and president Rene Shaffer, will join Luminate Bank. Luminate originated about $2.2 billion year to date, according to mortgage tech platform InGenius. First State’s production reached $132 million in the same period, the data shows. New Jersey, Minnesota and Florida are the main production states for Luminate, while First State’s volume this year has been concentrated in California, Texas and Florida. The companies said the seller holds the No. 1 market share position in Bloomington, Illinois. First State now sits inside a national bank licensed in all 50 states. The incoming team will plug into Luminate’s mortgage platform, including products such as construction loans, non-QM offerings, reverse mortgages and broader banking services. As of Thursday, according to data from the Nationwide Multistate Licensing System (NMLS), Luminate has 418 registered ...