On Monday, Northern Virginia-based Atlantic Coast Mortgage reported it had reached a deal to acquire a fellow in-state retail lender. Located in Fairfax and currently licensed in 40 states, the company will purchase assets belonging to Virginia Beach-based Tidewater Mortgage Services.

Both businesses said the merger aligns with each of their enterprise's long-term goals, allowing Atlantic Coast to grow its network and Tidewater to take advantage of advanced technologies. 

Atlantic Coast currently operates 23 branches from Maryland to Florida. Tidewater is currently licensed to originate in 12 states on the East Coast and also runs retail offices stretching between Pennsylvania and South Carolina. Financial terms of the deal were not disclosed. 

"Tidewater has grown significantly over the past 25 years. Joining ACM allows us to expand our reach and product offerings while preserving our culture," said President Rob Runnells in a press release. 

"I think our employees will appreciate the new opportunities for growth," he added. 

Calling it an important step in his company's mission, Atlantic Coast CEO Jon Coy similarly said the merger would allow the newly joined businesses to deliver on a larger scale. 

In 2024, Atlantic Coast originated just over $2 billion in new mortgages, while volumes for Tidewater totaled $535.3 million, according to Home Mortgage Disclosure Act data. 

NFM, Homespire, title industry also see mergers

The news comes just days after two Maryland-based retail lenders, NFM Lending and Homespire Mortgage, unveiled a similar merger agreement combining their respective organizations. The news was first reported by Housingwire. 

Financial terms of the deal were not disclosed, but Homespire will continue to operate under its own branding as a unit of Linthicum-based NFM. The latter company said it had offered jobs to Homespire staff and will continue to be led by current president Michael Rappaport. 

The merger gives NFM, which is already licensed in 49 states, deeper penetration into Homespire's East Coast strongholds. NFM already originates mortgages through a network of different lending units alongside its own brand, including Main Street Home Loans and Bluprint Home Loans. 

Loan production at NFM came in at $6.6 billion last year, according to HMDA. Volumes at Gaithersburg-based Homespire totaled $650.2 million. 

Propy buys Delta South Title

In a week of merger announcements, deals were not restricted to lenders. Over in the title industry, artificial intelligence fintech Propy said it reached an agreement to buy Alabama-based Delta South Title. 

The acquisition is the first for the title and escrow platform in its publicly announced expansion strategy, giving it a toehold in the state. Propy previously said it was eyeing regional title firms for potential acquisition in an effort to build a full-scale network backed by its AI technology.  

The deals are the latest in a series of merger-and-acquisition transactions struck over the previous 12 months as the mortgage industry continues to adjust to market expectations after a sudden surge in rates earlier this decade altered homeowner behavior. More than three years after they doubled, persistently stubborn rates still offer little incentive for most current homeowners to refinance or relocate but have kept prices elevated for aspiring buyers.   

Mortgage M&A is set to maintain the current pace in 2026, as even profitable lenders mull their prospects in competing against giant lenders that grew themselves, according to leading industry advisors. 

In the past two months, the lending industry has seen other deals struck between lenders, including an acquisition by Union Home Mortgage of assets belonging to Sierra Pacific. Late last month, Carrington Mortgage Services also added a direct-to-consumer channel to its lending operations through a new merger with Reliance First Capital.