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HomeXpress Mortgage Corp. Announces Definitive Agreement to be Acquired by Chimera Investment Corporation

1. Chimera is acquiring HomeXpress to expand in non-QM space. 2. HomeXpress leadership remains intact post-acquisition. 3. The acquisition enhances Chimera's product offerings. 4. HomeXpress originated $2.5 billion in loans in 2024. 5. The partnership aims to improve borrower services and relationships.

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FAQ

Why Bullish?

Chimera's acquisition of HomeXpress aligns with growth strategy in a lucrative market.

How important is it?

The acquisition enhances Chimera's competitive edge and portfolio, impacting its valuation significantly.

Why Long Term?

This strategic move may lead to sustained revenue growth and market share expansion over time.

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CIMSeer CapitalWells Fargo
SANTA ANA, Calif.--(BUSINESS WIRE)--HomeXpress Mortgage Corp. ("HomeXpress"), a leading national originator of non-QM and business-purpose residential mortgage loans, today announced that it has entered into a definitive agreement to be acquired by Chimera Investment Corporation (NYSE: CIM) (“Chimera”) from certain affiliates of Seer Capital Management’s credit fund business (“Seer”) and certain management sellers. HomeXpress will operate as a subsidiary of Chimera under the continuing leadership of President and CEO Kyle Walker and the experienced HomeXpress management team. “We are honored to join the Chimera organization and to advance our shared commitment to delivering innovative lending solutions to borrowers,” said Mr. Walker. “HomeXpress, with its reliable service-first philosophy, combined with its strong partnerships with brokers and loan officers nationwide, will now be even more well-positioned to expand its product offerings and strategically grow the HomeXpress presence. By combining platforms and assets, Chimera and HomeXpress are poised to deliver enhanced value to HomeXpress’ borrowers and further strengthen its relationships with its many business partners.” Phillip J. Kardis II, Chimera’s Chief Executive Officer and President added, "We are excited to welcome HomeXpress to the Chimera team and to form this powerful combination. This strategic acquisition marks a significant expansion of Chimera’s presence in the non-QM space, reinforcing its role as a leading real estate investment trust." Phil Weingord, Seer’s Chief Executive Officer also added, "This is an exciting development for HomeXpress. We congratulate Kyle and the entire team and are proud of our collaboration and partnership with them. We have enjoyed working with management to build one of the premier non-QM mortgage platforms in the country, and we wish them continued success in HomeXpress’ next chapter." Piper Sandler & Co. acted as the exclusive financial advisor to HomeXpress and Seer. Mayer Brown LLP served as legal counsel to Seer. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to HomeXpress management. Wells Fargo acted as the exclusive financial advisor to Chimera. Hunton Andrews Kurth LLP served as legal counsel and Alston & Bird LLP served as regulatory counsel to Chimera. About Chimera Chimera is a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing for itself and for unrelated third parties through its investment management and advisory services in a diversified portfolio of real estate assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose and investor loans, including RTLs, MSRs, and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. About HomeXpress HomeXpress, headquartered in Santa Ana, California, offers a wide array of consumer non-QM loans, investor business purpose loans, and other Agency and non-Agency mortgage loan products. HomeXpress has approximately 300 employees and actively lends in 46 states and D.C. HomeXpress originated approximately $2.5 billion of mortgage loans in 2024 and approximately $1.2 billion of mortgage loans year-to-date through May 2025, making it one of the largest wholesale non-QM originators in the U.S. and bringing its lifetime origination volume to over $10.7 billion.

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