Luminate Bank Welcomes the First State Mortgage Team

MINNEAPOLIS, Aug. 20, 2026 /PRNewswire/ -- Luminate Bank®, a top 25 national mortgage lender, announced today that it has acquired select assets from First State Mortgage Services. As part of the transaction, many members of the First State Mortgage team will join Luminate Bank, bringing exceptional experience, established customer relationships, and a commitment to the communities they serve.

The transaction represents a significant expansion of Luminate Bank's presence across the Midwest and the Central United States.

"This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values," said Eric Lovins, Co-founder and President of Mortgage Lending at Luminate Bank. "From our earliest conversations, it was clear that Rene Shaffer and her team were an exceptional fit. We share a passion for caring for customers well beyond the mortgage transaction. This is also a full-circle moment for me, having grown up in this area, and I look forward to working with Rene and her colleagues to make an even greater impact here."

First State Mortgage holds the number one market share position in Bloomington, Illinois, home to many prominent large organizations and a vibrant community. Through the transaction, customers and communities will benefit from the combined team's local experience and relationships, supported by Luminate Bank's broader capabilities in areas such as construction lending, non-QM, reverse mortgage, and other banking products.

Rene Shaffer is widely respected for her leadership, culture, as well as the team and customer loyalty she's cultivated throughout her mortgage career.

"The mortgage process represents a unique opportunity to support clients through some of the most meaningful and stressful financial transactions of their lives," said Rene Shaffer, CEO and President of First State Mortgage. "Our value alignment with the team at Luminate Bank was immediately clear, and I'm proud to join this team alongside many of my longtime colleagues."

Another member of the First State Mortgage team who will join Luminate Bank, Jeff Young, has a very special and deeply meaningful history in the market. Jeff's father, Mark Young, founded Mortgage Services Illinois (MSI), the original company that later became First State Mortgage. Like Jeff, Mark was highly respected for his care for community members and his commitment to the mortgage industry.

Licensed in all 50 states, Luminate Bank is recognized as one of the country's top 25 mortgage lenders, reflecting the trust customers and communities place in the company. That trust is something Luminate Bank works hard to earn, and it shows up in a few meaningful ways:

• This year, Luminate Bank's teams were named a No. 1 large-company Top Workplace in three states — Minnesota, Colorado, and New Jersey — a recognition the company credits entirely to the people who show up for its customers.
  
  
• Co-founders Taryn Reuter and Eric Lovins were humbled to be named Mortgage Leaders of the Year by the Minnesota Mortgage Association.
  
  
• Luminate Bank was honored with two 2026 Freddie Mac Home Possible RISE Awards®, for Greatest Volume and Fastest Growth, recognizing its commitment to expanding access to homeownership.
  
  
• CEO Marc Campbell was recognized with 2026 Top Leadership honors in Minnesota.
  
  
• Perhaps most importantly, customers have shared their experience directly, resulting in a 4.9-star rating across more than 45,000 reviews.

The combined organization will focus on providing a seamless experience for customers while maintaining the local relationships and high service standards that have driven First State Mortgage's success and market leadership. Customers will gain access to Luminate Bank's expanded resources and product portfolio while continuing to work with many of the professionals they have grown to know and trust.

Financial terms of the transaction were not disclosed.

About Luminate Bank®
At Luminate Bank®, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey.

Our dedicated mortgage division has branches and a team of loan originators across the U.S., making expert home financing solutions accessible to communities nationwide.

Luminate Bank® is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more at www.luminate.bank.

Media Contact
Debbie Schwake, CMO
[email protected]
952-698-3300

SOURCE Luminate Bank