Luminate Bank and NJ Lenders have announced a transition where NJ Lenders' staff will join Luminate, without any asset transfer. Approximately 200 NJ Lenders employees, including loan officers and support staff, will now be part of Luminate Bank, enhancing its service offerings across seven states. This collaboration aims to bolster Luminate's mortgage and digital banking services. However, NJ Lenders has faced scrutiny due to past fraud charges against former loan officers, highlighting challenges even amid this operational expansion.
Rumors of the transition began circulating last week, and both companies confirmed the move on Monday. Financial terms were not disclosed, but the firms emphasized that this is not an acquisition.
Luminate will retain loan production offices in seven states while expanding its national footprint. Customers will find unmatched home mortgage and digital banking services, Taryn Reuter said.
According to data from mortgage technology platform Modex, NJ Lenders had 124 loan officers across 16 branches and originated $1.38 billion in loans in 2024.
However, according to the Nationwide Multistate Licensing System (NMLS), Gallo is no longer authorized to originate loans in New Jersey, the only state listed in the system.
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