Consumer Direct of America (CDA), a Las Vegas-based mortgage provider, has executed an agreement to acquire Tustin, CA-based Ocean West Holding Corp., a mortgage banking enterprise, for a combination of stock and cash. The deal is valued at approximately $5 million.
For 2003, CDA had closed-loan volume of $815 million, which generated $8.9 million of revenue; Ocean West had closed-loan volume of $1.1 billion, which generated revenue of $14 million.
Ocean West is now a banking subsidiary of Consumer Direct of America, and will continue to do business under its current name and from its current locations, although both companies will examine redundancies to maximize the effects of consolidating the two businesses.
Michael A. Barron will remain chairman and CEO of CDA. Mark Stewart will continue as president of Ocean West, and will join CDA’s Board of Directors.
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