Trustar Bank acquires Virginia-based mortgage loan lender Granite Mortgage

Trustar Bank, a chartered bank based in Virginia, has acquired Granite Mortgage, a full-service correspondent mortgage loan lender based in Fairfax, Virginia.

The financial terms of the deal were not disclosed.

Granite Mortgage is engaged in providing conventional, federal housing administration (FHA), and veterans affairs (VA) loans and also a range variety of non- qualified mortgages loans.

The company, which started serving the DC, Maryland, and Virginia markets in early 2020, also offers reverse mortgage loans to buyers who are aged more than 62 years.

Gary Freedman – Granite Mortgage President and CEO said: “Partnering with Trustar Bank is the next step in Granite’s growth process. As a wholly owned subsidiary of Trustar Bank, Granite will be able to offer our Loan Officers the ability to provide the bank’s unique portfolio loans and expand its lending to new states.

“We are excited about the opportunity to offer additional loan options including Jumbo Loans, Construction to Perm financing and a true common-sense approach to Portfolio Lending. This new product line is in addition to our current offerings of conventional, FHA and VA loans.”

Trustar Bank said that the transaction gives it the platform to launch a full-service mortgage business line, thereby increasing its depth and breadth of service offerings.

Shaza Andersen – founder and CEO of Trustar Bank said: “We are thrilled to offer competitive new residential mortgage programs to our customers. Granite is the right partner at the right time. Gary Freedman has a proven reputation within the local mortgage market and is an effective leader focused on both growth and profitability.”