Dallas-based residential mortgage lender PrimeLending, a PlainsCapital Co., and Mutual of Omaha Bank have formed a joint venture that will create a new mortgage company, the companies said April 13.
Mutual of Omaha Mortgage will be owned by PrimeLending Ventures Management LLC, a wholly owned subsidiary of PrimeLending, and Mutual of Omaha Bank. The mortgage company will be governed by a joint operating committee with representation from both parties.
“We are excited to partner with PrimeLending to create Mutual of Omaha Mortgage and to extend a full suite of home financing products and services to our customers,” said Jeff Schmid, chairman and CEO of Mutual of Omaha Bank.
Todd Salmans, chairman and CEO of PrimeLending, said, “Working together, this new mortgage company will feature an incredible customer-service platform that will demonstrate our joint commitment to delivering service beyond expectations.”
Mutual of Omaha Mortgage will begin recruiting for a variety of positions within the next 45 to 60 days. The company expects to begin operations in third quarter 2016.
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With more than $7 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a Fortune 500 insurance and financial services company founded in 1909.
Founded in 1986, PrimeLending has locations in 41 states and is a member of the PlainsCapital Corp. family of companies. PlainsCapital is a wholly owned subsidiary of Hilltop Holdings.