San Diego-based seller/servicer Security One Lending
just acquired reverse mortgage provider OMNI Reverse
in a stock transfer.
"OMNI has been looking for a long time for a partner like this and we are extremely excited and look forward to expanding our reach. Few times in my life have I seen two separate parts come together so perfectly,” says president of OMNI, David Bancroft.
The combination of the two organizations will bring together “best of breed” origination forces, mortgage banking expertise and marketing/fulfillment systems, according to a statement from Bancroft. The mortgage banking operation, which is based in San Diego, will continue to handle all underwriting, document, and funding/insuring responsibilities.
“We believe the combined entity will be well positioned to compete for market share as the industry, in my opinion, experiences consolidation during the next 18 months”, says Security One Lending president Torrey Larsen.
“The leadership team at OMNI Reverse has established itself as one of the most respected in the industry and the process by which they have run a successful consumer direct retail platform was key in our final decision to acquire OMNI," adds Larsen. "Additionally, the corporate cultures of both firms are very similar, making the transaction extremely complimentary.”
The purchase keeps Security One Lending in familiar waters as the firm already offers reverse mortgages, as well as forward mortgage, with retail, consumer direct and wholesale channels of support. The firm operates in 13 states currently, but plans to be licensed in 38 states by year end.
Details on the agreement are not yet public.
Write to Jacob Gaffney