Carrington Holding Company announced that it has agreed to acquire Reliance First Capital from Tiptree. This move will add a direct-to-consumer retail channel to its mortgage operations. The acquisition is designed to create a more balanced, competitive, and resilient mortgage platform for the company’s nationwide real estate and lending activities.
For more than two decades, Carrington and its affiliates have provided homeowners and investors with products and services that cover nearly every aspect of single-family residential real estate transactions in the United States. The addition of Reliance First Capital will expand Carrington’s reach into the retail mortgage market and strengthen its ability to deliver consumer-facing loan solutions across its existing retail recapture, wholesale, and correspondent businesses.
Reliance First Capital, founded in 2008 and based in Melville, New York, operates as a fully integrated direct-to-consumer mortgage origination platform serving homeowners nationwide. The company employs more than 300 people, including 150 loan officers and sales managers, across six call centers.
With a proprietary technology platform, Reliance originates roughly $1 billion in mortgages annually across a diversified mix of FHA, VA, USDA, agency, non-agency/non-QM, and second-lien products. Once the transaction closes, Reliance’s servicing portfolio—comprising more than 16,000 customers and $3 billion in unpaid principal balance—will transition to Carrington’s platform.
Carrington’s evaluation of Reliance highlighted its proven origination history, stable credit performance, and scalable infrastructure. Reliance’s proprietary retail loan origination system integrates CRM, pricing, loan management, workflow automation, compliance, field-level security, and AI-powered functionality. The company also demonstrated a strong balance sheet with low leverage, warehouse and MSR credit facilities, and consistent earnings growth.
The acquisition reflects Carrington’s strategic focus on long-term investments in mortgage servicing rights and technology-driven loan origination. By combining Carrington’s broad mix of services with Reliance’s direct-to-consumer model, the company aims to expand its capacity to serve both homeowners and investors in evolving market conditions.
Piper Sandler & Co. acted as the exclusive financial advisor to Reliance First Capital for the transaction.
KEY QUOTES:
“Together with our existing retail recapture, wholesale and correspondent businesses, our agreement to acquire Reliance First Capital looks to add a direct-to-consumer channel, making our mortgage platform more balanced, more competitive and more resilient.”
“Our agreement with Tiptree to incorporate the employees and capabilities of Reliance First Capital into our family of companies is much more than an acquisition. It’s an important investment in the future of The Carrington Companies.”
Andrew Taffet, Chief Executive Officer of The Carrington Companies
“At Reliance First Capital, we look forward to joining the Carrington platform. Carrington’s broad mix of businesses will help us to continue to grow and execute our mission to help homeowners and prospective homeowners receive the right mortgage for their personal financial goals.”
Hugh Miller, President and Chief Executive Officer of Reliance First Capital
