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Carrington Holding Co. on Friday announced that it has agreed to acquire Reliance First Capital from Tiptree Inc., a holding company that combines insurance operations with investment management expertise.
“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,” said Andrew Taffet, CEO of The Carrington Companies.
Founded in 2008 and headquartered in Melville, New York, Reliance is a fully integrated direct-to-consumer mortgage origination platform that has 315 employees, including more than 150 loan officers and sales managers, across six call centers.
Reliance originates approximately $1 billion in mortgages each year across government, agency, non-agency/non-QM and second-lien loan products. The company’s servicing portfolio of more than 16,000 customers and $3 billion in unpaid principal balance will move onto Carrington’s platform once the transaction closes.
“At Reliance First Capital, we look forward to joining the Carrington platform,” said Hugh Miller, president and CEO of Reliance First Capital. “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.”
Carrington’s assessment of Reliance involved an evaluation of its history of loan originations and credit performance across several market cycles — specifically, Reliance’s proprietary, integrated retail loan origination system with automation and AI features.
Carrington said the company’s infrastructure and direct-to-consumer model position it for growth and mortgage servicing rights recapture opportunities. It added that its financial profile shows low leverage, access to credit facilities and steady earnings.
“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,” Taffet said. “It’s an important investment in the future of The Carrington Companies.”
Piper Sandler & Co. served as the exclusive financial adviser to Reliance as part of the acquisition. A spokesperson from Carrington did not say whether there would be layoffs, but that “Reliance First Capital will continue to operate as usual in the near term, helping homeowners and prospective homeowners receive the right mortgage for their specific financial goals.” The company also said it is expecting the acquisition to close following approvals in Q1 2026.
