Dallas-based Supreme Lending has reached a deal to acquire Michigan Mutual, Inc. (MiMutual), adding a wholesale platform and a presence in Michigan to its operations, sources told HousingWire.

Founded in 1999, Supreme Lending originated $3.8 billion over the past 12 months, with most of its volume concentrated in Texas, Florida and California, according to mortgage tech platform Modex. Approximately 70% of that production was for purchase loans.

As of Tuesday, the Nationwide Multistate Licensing System (NMLS) listed the company as having 702 sponsored mortgage loan officers and 193 active branches.

Supreme’s chief operating officer Kevin Pezzani later confirmed the transaction—an asset sale—to HousingWire. Terms of the deal were not disclosed.

Based on historical production, MiMutual could contribute roughly $860 million in annual volume to Supreme’s business, according to InGenius.

“We’re really interested in their retail business, that’s what attracted us to the organization from the get go,” Pezzani said in an interview. “The people and their reputation and the market that they are in—they have a really good Michigan footprint, which is something that we don’t really have.”

Pezzani said that MiMutual runs a mix of distributed retail and P&L branches. He expects executives at MiMutual to join Supreme but declined to comment on their new roles or how many LOs he expected to join.

Pezzani declined to answer additional questions related to the transaction, saying details were still being finalized.

According to sources, MiMutual’s retail platform isn’t nearly as robust as its wholesale business, where it competes against local titans United Wholesale Mortgage and Rocket Mortgage. NMLS data shows Michigan Mutual currently sponsors 69 loan officers and operates 18 active branches.

Though Pezzani said Supreme is focused on the retail component, they’d potentially “dip their toes” in the wholesale lending waters with the acquisition of MiMutual.

Rick Roque, vice president of growth at NFM Lending and a consultant at Menlo, who worked at MiMutual from 2016-2018 to help expand its retail platform, said while the company has always struggled with growing this part of the business, it has remained to be a “strong mid-market boutique wholesale lender.”

“The acquisition does not surprise me at all, as it helps build out Supreme’s retail platform, and it puts them on the map in a serious way for wholesale,” Roque said. “The two organizations combined will continue on a very favorable trajectory.” 

The deal will result in Supreme Lending taking over MiMutual’s infrastructure, policies, procedures, and other elements.

Supreme Lending employees traveled to Port Huron, Michigan—where MiMutual is headquartered—on Wednesday for the official announcement of the deal.

No.26 Bay Rd, New Town. Picture: Supplied

Neika is more than a house; it offers the chance to be part of a continuing history, where old-world elegance meets modern living in a parklike setting.

This stately white brick home with slate grey accents is surrounded by manicured hedges and glorious gardens.

The expansive grounds, spanning nearly 3000sq m, provide a tranquil escape from city life.

The five-bedroom home stands as a testament to mid-19th century architecture in a prime location.

Neika is believed to have been built around 1848.

Over the 175-plus years, only five families have called it home.

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No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

Fall Real Estate agents Justin Atkinson and Andrea Cooper say Neika presents an opportunity for families, developers, or investors seeking a property with historical significance and future potential.

Mr Atkinson said researching the history of this stately home had been a pleasure.

“The family who owns it purchased the property in 1969 on the day of the moon landing,” he said.

“Very few families, just five, have called it home over the years.

“Frederick William Piesse and Jean Pirie Piesse occupied the property from 1878, taking a six-year lease as an orchard for 50 pounds per year.

“The property was originally a six-acre lot, and today is a substantial 2976sq m, which is a rarity in New Town.

“That’s amazing to have. It has been used as a private yard, a great place for a family to be. At inspections, people have noted just how quiet it is.

“It’s an oasis in an inner-city suburb, with a tennis court, pool and sprawling grounds.

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“As you walk around, it is so easy to imagine the family gatherings that have taken place here over the years.

“The property has a heritage overlay, as you would expect, and the zoning is Inner Residential.

“The next owner may wish to explore, subject to approvals, development of the land.”

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

Upon entering through the undercover porch, visitors are greeted by intricate leadlight windows and period features that speak to the home’s rich history.

The interior showcases floral carpets and polished timber floors that gleam in the northern sunlight.

A standout feature of Neika is the extensive use of Australian cedar, known for its durability and rich appearance. This prized timber is prominently featured in the cabinetry, door frames, and the grand staircase banisters.

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

Victorian window seats and bay windows, popular design elements of the era, offer comfortable spots to relax and enjoy views of the stunning gardens.

The functional kitchen, fitted with Huon pine cabinetry and modern appliances, adjoins a casual dining area.

For more formal occasions, a spacious dining room is available.

The living spaces include a den and a living room with a cosy fireplace.

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

Double French doors lead to a deck overlooking fruit and walnut trees, paved paths, and expansive lawns.

Upstairs, five bedrooms are accessed via a carpeted foyer.

The main bedroom, generously sized and north-facing, offers views of the grounds and swimming pool.

While the bathroom retains its charm, it remains functional with a shower over bath, vanity, and toilet. An additional shower is located in the downstairs laundry.

The property boasts numerous outdoor amenities, including a sunroom overlooking the pool, tennis court, and ample off-street parking.

A garage with a remote-controlled door provides secure vehicle storage.

No.26 Bay Rd, New Town.

No.26 Bay Rd, New Town.

Mr Atkinson said Neika offered flexibility for its next custodian.

“They could move in ‘as is’ and be very comfortable,” he said.

“Or, other buyers may wish to put their own stamp on this beautiful home.”

Mr Atkinson said an inspection of Neika was guaranteed to impress.

“It has a grand, commanding presence,” he said.

“From the moment you walk through the front gate, you will be pleasantly surprised at every turn.

“It’s the type of home where you can chase the sunshine all day long throughout the house.

“One of my favourite things about the property is sitting in the main living room just outside the pool area with the sun streaming in — it feels so warm and comfortable.”

No.26 Bay Rd, New Town is for sale with Fall Real Estate. It will be sold via expressions of interest, closing on June 12.

The post Stately stunner with pool, tennis court is a step back in time appeared first on realestate.com.au.

The Nyaal Banyul Geelong Convention and Events Centre taking shape on Geelong’s waterfront is a key project to support the region’s economic growth. Picture: Alan Barber

Geelong has been crowned the king of regional Australia but local leaders say the city’s greatest challenges lie ahead.

As a new Regional Australia Institute report shows one in 10 people moving to the country settled in Geelong in the year to March 2025, Victoria’s second city is confronting the challenge of housing that level of growth in the future.

The Regional Movers Index saw Geelong record a 9.3 per cent share of net internal migration, overtaking the Sunshine Coast.

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Adding the Surf Coast, Queenscliff and Golden Plains council areas pushes the region’s intake to almost 11 per cent.

Deputy Prime Minister Richard Marles said Geelong is a world-class city, a fact many people from Melbourne only discovered since the pandemic, but the challenge was accommodating growth without wrecking the city’s advantages.

“Geelong is really so much better than even I think we all appreciate,” Mr Marles said.

“It’s the north-facing bay, the proximity to the Surf Coast, its really wonderful amenity. It’s a fantastic community and you’ve got the Bellarine Peninsula with all those amazing views.”

Geelong major Stretch Kontelj said the figures highlight the challenge of planning for a future population of 500,000, and a state government target to build 128,600 new homes by 2050.

Geelong has natural attributes such as a north facing waterfront at Corio Bay. But the city centre will also be transformed with more apartment development, catering for thousands of more people by 2050.

“I’ve said consistently that it’s managing success. Geelong is the fastest-growing region in Australia and these numbers are a testament to that,” Mr Kontelj said.

“The challenges are accommodating all those new arrivals, whether it’s in greenfield development, or urban infill.

“You’ve got the legacy assets that we need to renew, such as the (100-year-old) stormwater drains and roads and other infrastructure to accommodate that.”

That’s a $500m bill facing Geelong, Mr Kontelj said.

“The biggest challenge is going to be transport. Working out how to move people north, south, east and west and through the city because the road network is getting more congested.”

G21 chief executive officer Giulia Baggio said transport and housing need to be “turbo-charged”.

Geelong Mayor Stretch Kontelj said the city faced a $500m infrastructure bill to upgrade aging transport and stormwater infrastructure. Picture: Alan Barber

G21 CEO Giulia Baggio said plans for transport and housing need to be turbocharged.

A metro-style transport system including local and linear bus routes taking people where they want to go, along with a shuttle increasing trains running between Waurn Ponds and Lara would help move people, as G21 modelling shows the city’s roads would come to a standstill by 2041, if nothing is done.

Two bus reviews identified in the budget for Geelong and the Bellarine “can’t come soon enough”, she said.

Building more apartments around the CBD would reactivate the city’s heart and deliver more affordable housing, she said, but means renewing the ageing network of sewers and drains to cope with the additional pressure.

“We need federal help to activate that, because we know the state government is cash-strapped,” Ms Baggio said.

“The federal government has got a big mandate on housing, which is a very big issue right across the country. Everyone’s got to put their shoulder to the wheel.”

Urbis Geelong director Nat Anson said upgrading transport assets, including an Avalon train station, Bellarine Link and renewed Geelong train station was vital to the city’s future success. Picture: Brad Fleet

Urbis Geelong director Nat Anson said the city needs to identify activity centres that provide well-connected apartments and townhouses as well as continuing a strong supply of greenfield housing.

“A strong infrastructure pipeline is the biggest threat to delivering ‘good growth’ – new and upgraded transport assets including Avalon Station, Bellarine Link, Torquay transit corridor and a renewed Geelong Station will be vital to the city’s future success,” Mr Anson said.

Investing in alternative water, an open space network, arts and cultural assets and central Geelong underpins the city’s existing value proposition that is so attractive to future residents, he said.

Mr Marles said the city’s health networks, including Barwon Health, St John of God and Epworth hospitals, would need to keep pace, but growth also offered economic opportunities.

Deputy Prime Minister Richard Marles is pictured on Geelong’s waterfront with dog Humphrey. Picture: Phil Yeo

“GMHBA Stadium is the biggest piece of sporting infrastructure in regional Australia, it underpins the biggest sporting club in regional Australia and the ability to continue to have that is underpinned by the growth in the region,” he said.

“The future development of Avalon Airport as an industrial precinct is happening, but developing it as an airport will underpin the population growth around this region.”

Mr Marles said the benefit of being a smaller city was the ability to achieve a higher degree of co-operation between the three tiers of government.

Though rising blue and white collar jobs – from advanced manufacturing to the businesses surrounding the head offices of NDIA, WorkSafe, TAC and Cotton On – was behind the growth, lifestyle was the real drawcard, McGrath Geelong director David Cortous said.

McGrath Geelong agent David Cortous said the lifestyle opportunity is the biggest drawcard to the region.

“It’s a more affordable lifestyle here – execs and professional people can still pull the same type of income and probably live a bit more affordably,” Mr Cortous said.

Property investors are seeing the benefits again, with Sydney buyers snapping up more suburban homes, spurred on by low prices and the opportunity for growth and rental demand.

Geelong’s $720,000 median house price is still 4 per cent down year on year but indicators show the city has passed the bottom of the market.

“We’re just starting to see the needle move with a couple of interest rate cuts and more migration,” Mr Cortous said, referring to more people looking at properties, including up to 30 per cent out-of-town buyers.

But there are growing pains, such as development pressures and the high cost of building, higher property taxes and competition for tradies with the state government massive projects in Melbourne.

The post What Geelong needs to build to support booming population appeared first on realestate.com.au.

A former attorney in Washington state this week pleaded guilty in federal court to defrauding a disabled client out of an estimated $800,000 — in part through the misuse of a reverse mortgage, according to an announcement by the Department of Justice (DOJ) and the U.S. Attorney’s Office for the Western District of Washington.

The former attorney pleaded guilty “to wire fraud for his embezzlement from a vulnerable client’s trust account,” according to acting U.S. Attorney Teal Luthy Miller.

“Colby Parks, 65, stole more than $530,000 from a client who received about $1.66 million due to significant permanent injuries she suffered as a passenger in a motorcycle accident.”

In 2010, Parks became the trustee for a living trust designed to pay the victim’s expenses stemming from the accident, from which the victim’s account contained the $1.66 million.

But over the next seven years, the DOJ said that Parks “siphoned the funds for his own personal use in such large amounts that only $20,000 was left.”

The DOJ said that in 2018, Parks encouraged the victim to take out a reverse mortgage and use the proceeds to fund the trust account. Bolstered by the loan proceeds, Parks “continued to make transfers from the account for his own use,” the DOJ said.

“Records from the account show that Parks repeatedly transferred funds to his own bank accounts and then, on the same day or soon thereafter, Parks would make a payment for a personal credit card for the same amount as the transfer.”

There was a total of more than 600 transfers of the victim’s funds to accounts controlled by Parks, the DOJ said. By October 2017 — one year prior to opening the reverse mortgage — “he made 13 different transfers from the victim’s account to the ones he controlled.”

Over a period of 10 years, the transfers totaled $880,000, with Parks paying himself “at least $530,000 more than he was entitled to receive as his fees for trustee services,” the DOJ said.

Ultimately, the victim’s account contained only $15 by 2019, forcing her to sell her home. At that point, Parks “diverted proceeds from the sale by claiming the victim owed him money he had advanced to her,” the DOJ explained.

Soon afterward, the state’s Adult Protective Services (APS) division initiated an investigation into Parks and the arrangement.

After claiming he only received about $24,000 per year as trustee, the division requested supporting documentation, at which point he “revised his statement and said he was paid varying amounts that averaged over $54,000 per year,” the DOJ said. “However, Parks collected well over $80,000 per year from the victim.”

When the Washington State Bar Association initiated an investigation, Parks elected to give up his law license rather than face disciplinary action, according to the DOJ. The case was investigated by the state APS and bar association, as well as the FBI.

Prosecutors are seeking a prison term of “no more than 33 months” and Parks is scheduled to be sentenced on Aug. 29.

Industry professionals often encourage anyone considering a reverse mortgage to include their closest family members, friends or trusted advisers — often all of them, if possible — in initial meetings with loan originators. This ensures that everyone within the customer’s sphere of influence is in full understanding of the lending process and agreement.

Some organizations are also spearheading broader educational initiatives within the industry that are designed to demystify reverse mortgage products and requirements for anyone who may be considering these loans in the future.

“Our sole focus is to ensure that the consumer is well educated about the product, and that from a nonprofit base is really a safe place for consumers to come without any pressure,” said Robin Hillary, chief innovation officer at Credit.org, in an announcement of the organization’s new reverse mortgage education program.

Head of mortgage giants’ federal regulator, Bill Pulte, has made fraud an issue after leveling accusations against Trump opponent Letitia James.