CrossLand Mortgage Corp. (CMC), a wholly owned subsidiary of First Security Bank of Utah, has acquired Performance Mortgage Co. (PMC), a firm headquartered in Santa Ana, Calif.
The acquisition gave CMC six PMC offices in California, Maryland and Nevada.PMC specializes in originating FHA and VA mortgage loans, including FHA 203k loans to rehabilitate and upgrade existing homes. During 1994, the company originated nearly $400 million in mortgage loans.
CMC originated $2.6 billion in mortgage loans in 1994 and currently services more than $10 billion in loans. The firm operates 66 branch offices in 22 states.