Merger Creates Big Mortgage Company
The merger of Norwest Mortgage Corp. and Directors Mortgage Loan Corp., which closed Tuesday, will create the largest mortgage originator in Spokane.
The merged company, to be based in Des Moines, Iowa, will be the second-largest lender of first mortagages nationally.
Norwest and Directors each have two Spokane offices. Together, the companies originated more than 1,200 home loans worth $103 million in 1994.
Cheryl Swanson manages Norwest operations in the area, which includes Coeur d’Alene, Pullman, Yakima and Kennewick. Marco Begovich heads the Directors offices.
Local consolidation plans are unclear, Swanson said, but she will continue to manage the Spokane area.
Begovich will have responsibility for territory he adds in the region, she said.
There will be no layoffs of the 30 employees in the combined work forces, Swanson added.
Terms of the transaction were not disclosed.