The Minneapolis-based bank will bring on approximately 200 employees, including sales management and operation staff. NJ Lenders, founded in 1991, has 123 sponsored mortgage loan originators and 17 branches on the east and west coasts, according to Nationwide Multistate Licensing System data.

Under the move, NJ Lenders will retain producers in seven states and expand their reach to originate loans nationwide, according to a press release. 

"NJ Lenders is an outstanding and respectable team known for instilling confidence in homebuyers and real estate professionals," said Taryn Reuter, chairman of the board at Luminate. "Their exceptional business expertise and impressive employee retention reflect our core values."

In a statement, a top producer at NJ Lenders also applauded the move. Terms of the deal were not disclosed. The mortgage professionals join Luminate's 340 registered mortgage loan originators, according to NMLS data.

Luminate makes the addition following its shutdown of Neo Home Loans last October. The bank previously said it would offload Neo operations by February, and many of those team members have since gone to Better Home & Finance. The Neo transition is the subject of a pending theft of trade secrets lawsuit between Luminate and Neo. 

The direct-to-consumer NJ Lenders recorded $1.49 billion in origination volume last year, according to a Richey May analysis of Home Mortgage Disclosure Act data. That mix is largely conventional, although NJ Lenders offers various other products including reverse mortgages. The company is licensed in 22 states and says its reported $40 billion in loan volume since that time. 

The acquisition is the latest mortgage merger or acquisition in a busy start to the year. While Rocket Cos. has rocked the industry with two major purchases, more nonbanks have opted to team up or join depositories.