Wilmington, NC-based MC Mortgage Group is joining mortgage platform UMortgage, the company announced.
MC Mortgage serves homebuyers in North and South Carolina. The company was named MPA Top Employer and Lender and Wilmington Cape Fear Home Builder’s Association’s Lender of the Year in 2021.
The company was founded in 2005 by President Patrick Stoy, a seasoned mortgage veteran with nearly 25 years of experience as a broker. He was named a UWM Top 1% Broker and a Top-100 Purchase LO with UWM in 2022. In 2021 he was named Mortgage Professional of the Year by the North Carolina Home Builders Association.
“Being that I’ve been a true independent mortgage broker since 2005, this platform will allow me the opportunity to focus on my relationships with my realtor partners, my LOs, and my borrowers,” Stoy said of the move to UMortgage.
“Not having to worry about the stress of day-to-day operations will allow me to create more life-changing opportunities through homeownership and help families build generational wealth.”
Ten loan originators will join UMortgage’s platform as a result of the move.
“We’re delighted to welcome the MC Mortgage Group to the UMortgage platform. Patrick has built an incredible brokerage that aligns directly with our vision to create life-changing opportunities through homeownership. I’m incredibly excited to see what they’re able to achieve with the tools and resources available at UMortgage,” Anthony Casa, President & CEO of UMortgage, said.
UMortgage offers wholesale products and rates to loan originators through its platform. It broke its records for loans funded in February, March, and April of this year, and is on track for the same in May.
At the end of 2022, a year of extreme growth for UMortgage, it acquired NXT Mortgage and brought industry vets to its leadership team. In March 2023, Ravi Patel, a top 1% LO and former SVP at Guaranteed Rate, joined the platform.
“Winners in this industry want to join our platform because we’re identifying the acute pain points of loan originators of different backgrounds—whether that be a retail shop or their own brokerage—and providing value-based solutions,” Casa said of the platform’s growth.
At the same time, UMortgage is facing a lawsuit from Motto Mortgage, which accused it of poaching a top-performing franchisee. Motto claims that Anthony Casa was aware that bringing the team in would result in a breach of contract but did so anyway.