The mortgage banking subsidiary of American Pacesetter in Newport Beach has tripled its size by purchasing the assets and operations of Windsor Mortgage in Tustin. The purchase price was not disclosed.
Woodleaf Mortgage, which funded $40 million in loans last year, started operating Monday out of six of Windsor's eight offices and with 40 of Windsor's 50 employees, said Jerry Cannon, Woodleaf's president. Woodleaf had 10 employees before the acquisition, he said.
Woodleaf had been formed to finance purchases of new houses built by its sister company, Pacesetter Homes. But the purchase of Windsor, which funded $80 million in residential mortgages last year, signals Woodleaf's entry into the resale market, Cannon said.
Besides the mortgage banking and home building companies, American Pacesetter owns San Clemente Savings & Loan.