HomeLife to Acquire El Monte Company

Real estate services company HomeLife Inc. said Thursday that it has signed a tentative agreement to purchase an El Monte mortgage company for stock worth $3 million.

HomeLife, which operates the Red Carpet Keim and National realty companies, said that it will issue 600,000 shares of new stock to acquire Funders Mortgage Corp. Funders would end up with 14% of HomeLife.

HomeLife hopes to complete the purchase within 60 days. Funders will operate as a separate subsidiary with current management in place.