Firm doubles down on direct loan origination and securitization with the addition of a top non-QM lender
Chimera Investment Corporation is strengthening its position in the non-QM lending space with a definitive agreement to acquire Mortgage Corp., an originator of non-agency loans.
The New York-based REIT has entered into a deal to acquire HomeXpress for a combined consideration of $120 million in cash and 2.08 million Chimera shares valued at $27.9 million, boosting the REIT’s exposure to non-QM and investor-focused loan products.
“This transaction is the natural next step in the transformation of Chimera,” Chimera CEO and president Phillip Kardis II said in a statement. “Bringing together Chimera’s strong history of loan securitization, structured finance, and third-party loan management and advisory services with HomeXpress’ loan origination platform is expected to create a powerful combination and enhance our enterprise value.
The acquisition supports Chimera’s efforts to diversify income streams, adding loan origination fees and gain-on-sale revenue to its business model. Chimera also expects to leverage its net operating losses to offset much of the acquisition premium.
Kardis said the deal will enable Chimera to acquire and securitize loans directly, build out its mortgage servicing rights (MSR) portfolio, and pursue platform-level value creation.
“We expect this acquisition to be accretive to Chimera’s earnings in 2026,” Kardis added.
Founded in 2016 and based in Santa Ana, Calif., HomeXpress is one of the nation’s wholesale non-QM lenders, with about 300 employees lending across 46 states and Washington, D.C. In 2024, the company originated $2.5 billion in mortgage loans, and through May 2025, it has already originated $1.2 billion, with full-year projections at $3.5 billion.
HomeXpress posted $47 million in pre-tax net income in 2024 and held $115 million in GAAP total equity as of March 31, 2025. The company offers a broad range of non-QM, investor business purpose, and agency/non-agency products, and is a preferred partner for brokers and correspondent lenders nationwide.
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Under the agreement, HomeXpress will operate as a subsidiary of Chimera. Current HomeXpress President and CEO Kyle Walker, along with the senior management team, will continue to lead the business post-acquisition.
The transaction is expected to close in Q4 2025, subject to customary regulatory and closing conditions. Chimera’s taxable REIT subsidiary, Chimera Funding TRS, will execute the acquisition.
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