Primary Capital Mortgage LLC, announced that the company sold its broker, non-delegated correspondent, and consumer-direct business to Stearns Lending, LLC, a leading provider of mortgage lending services in the Wholesale, Retail, Strategic Alliances and Consumer-Direct sectors. PCM has been a leader in the mortgage industry for more than 20 years, and the company has experienced significant growth over the past four years in particular, originating a record $1.95 billion in 2016.

"I'm incredibly proud of our team's hard work and dedication to our clients, as this has been the cornerstone of PCM's success over the years," said PCM CEO Anthony Coniglio. "Best-in-class service has always been our top priority, and I'm thrilled that the Stearns team shares our commitment to providing excellent service to our client base. Stearns is one of the leading originators in the business, and we will now be able to offer our clients an even better experience, with more robust technology, improved process flows, and enhanced product choices."

As part of the agreement, a majority of PCM's employees have moved to Stearns, including most of PCM's mortgage production employees.

"Our team has not only successfully navigated a competitive market over the past several years, but we've also achieved significant growth," said PCM Senior Vice President of Sales Mike Kiessel. "Our business complements Stearns' strategic vision incredibly well, and I'm excited to continue to build upon PCM's legacy with this new opportunity."

Houlihan Lokey served as the exclusive financial advisor to PCM.