August 5, 2008 3:13 PM

Cherry Creek Mortgage buys four CTX mortgage offices

Cherry Creek Mortgage Co. has purchased four Colorado CTX Mortgage branches, making Cherry Creek one of the largest residential mortgage loan companies in Colorado, according to the company.
On Aug. 18, Cherry Creek will acquire the former CTX branches in Greenwood Village, Lakewood, Denver, and Grand Junction.
Together, they represent more than $400 million in annual loan volume and have more than 45 employees.
Dallas-based Centex Corp., parent of CTX, is divesting itself of the retail portion of CTX Mortgage. Centex supports the acquisition of the four branches by Cherry Creek.
The managers of these branches played a role with the acquisition by Cherry Creek.
"Coming from a company with a stellar reputation, it was very important to align our office with a company that was just as dedicated to its clients and Realtors," Richard Smith, the Lakewood branch manager, said in a statement. "The entrepreneurial culture was another primary factor that drew our team to Cherry Creek Mortgage."
According to CTX Division Vice President Carolyn Carnie, who manages the Greenwood Village branch, "The union represents an opportunity for us to further strengthen the best retail mortgage platforms to better serve our clients and to enhance security and stability for our employees and customers."
Debi Heaton, of the Downtown Denver branch, summed up joining Cherry Creek this way: "This is the right decision for our clients, partners and employees."

Posted by John Rebchook at 3:13 PM | Comments (1)