The merger brings Rene Shaffer, CEO of First State Mortgage, and her team into the Luminate fold, a move Eric Lovins, co-founder of Luminate’s mortgage division, described as a natural cultural fit. For Lovins, the acquisition marks a return to his roots in the region, where he aims to leverage the combined expertise to deepen community ties. First State Mortgage currently holds the top market share in Bloomington, a position Luminate intends to bolster by providing the team with access to a wider array of banking resources.

Beyond the operational scale, the transition carries historical significance for the First State team. Jeff Young, a long-standing member of the firm, will join Luminate, continuing the legacy of his father, Mark Young, who founded the company’s predecessor, Mortgage Services Illinois. While the financial terms of the transaction remain undisclosed, the move aligns with Luminate’s recent growth trajectory. The lender, currently holding a top 25 national ranking, recently secured multiple industry accolades, including 2026 Freddie Mac Home Possible RISE Awards and top workplace honors in Minnesota, Colorado, and New Jersey. Customers of First State can expect to retain their existing relationships with local loan officers while gaining access to Luminate’s digital infrastructure and nationwide lending capabilities.