It’s been a big year for Synergy One Lending.
In July, the lender was acquired by Mutual of Omaha Bank. The news was not only huge for Synergy One, which originates both traditional and reverse mortgage loans, it was considered a major coup for the reverse mortgage industry, as lenders in the space have been working for years to recapture the interest of big banks.
Now, the California-based lender – which is currently No. 6 on the Top 100 HECM Lenders list – has announced its first acquisition under new management.
Synergy One is set to acquire certain assets of Illinois-based BBMC Mortgage, significantly expanding its footprint in the Midwest.
“The impact of combining these organizations is impressive,” Synergy One CEO Terry Connealy said. “It is unusual for market timing, talent and strategic direction to align in such a compelling manner and we’re excited by the possibilities that lie ahead.”
BBMC Mortgage is a division of Bridgeview Bank and offers both traditional lending products and reverse mortgages.
When news of Mutual of Omaha’s acquisition of Synergy One hit, Synergy’s co-founder and President Torrey Larsen told HousingWire that with the backing of a consumer-recognized brand, Synergy intends to expand its reach.
“Mutual of Omaha Bank sees an opportunity to extend its brand, extend its capital resources and grow both the overall market as well as our company’s market share,” Larsen said. “The [HECM] market right now is rife for disruption.”
In addition to acquiring select assets and leases, Synergy One expects to bring on a majority of BBMC’s employees.
“BBMC has built an impressive team and we are a strong cultural fit – with both firms committed to a relentless drive toward an exceptional customer experience through the combination of talent, technology and digital marketing expertise,” Connealy said. “We are excited by the potential this transaction offers to expand and serve more customers in the traditional and reverse mortgage markets.”