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Just a few days ago, the absorption of Allen Tate Mortgage by Howard Hanna Mortgage Services was quietly announced with press releases on each company’s website.
The announcement came as a surprise to many, leaving North Carolina real estate agents curious about what this means for the future of the Allen Tate brand.
Broken Promises
Although the merger seems to be a good move for the companies involved, it leaves real estate agents in North Carolina wondering what the future holds for the Allen Tate brand. This announcement comes 5 years after Allen Tate Companies was acquired by Howard Hanna Real Estate Services in 2018, creating the #1 family-owned-and-operated independent real estate brokerage in the country. At that time, brokers and clients alike were assured that all Allen Tate Companies (Brokerage, Mortgage, Insurance, etc.) would continue to operate under the Allen Tate name in the Carolinas. This is a promise that the company has kept, until this Monday.
One can't help but wonder if this merger is the beginning of the erasure of the Allen Tate brand altogether. The Allen Tate Companies will continue to operate under the established brand for its real estate, insurance, and relocation divisions. However, it's worth speculating if this could be a sign of more absorptions to come that could eventually lead to the dissolution of the Allen Tate brand altogether.
The Two Mortgage Companies
Allen Tate Mortgage has been a prominent player in the real estate industry in North and South Carolina, providing clients with a full-service mortgage banker with more than 20 loan officers and mortgage professionals. On the other hand, Howard Hanna Mortgage Services has been offering quality mortgage products since 1983, serving Ohio, Pennsylvania, Michigan, North Carolina, and South Carolina, earning its place as the third-largest real estate mortgage company in the United States.
The merger strengthens the reputation of Howard Hanna as a leading mortgage provider in the Carolinas. The benefits of the merger include additional mortgage products, competitive pricing, in-house underwriting, and faster turnaround and closing times, allowing clients to take greater advantage of one of the country’s largest, most powerful real estate-owned mortgage companies.
Howard Hanna Comes Out on Top
Regardless of what the future holds, one thing is certain: this merger has strengthened Howard Hanna Mortgage Services' position in the Carolinas. The company will continue to provide in-house mortgage services to more than 2,100 Allen Tate Realtors and their clients throughout the company's seven-region footprint in the Carolinas. The merger will likely bring more competitive opportunities for homebuyers and allow agents to better serve their clients' needs.
What do you think is next for Allen Tate? Leave a comment below or discuss with a colleague in an upcoming CE Class!
References
Freshwater, Zach. "Allen Tate Mortgage Joins Howard Hanna Mortgage Services." Howard Hanna Real Estate Services, 7 Mar. 2023.