Security One Lending has acquired OMNI Reverse in a stock transaction, which is subject to state and regulatory approvals. The combination of the two organizations is expected to bring together mortgage banking expertise and marketing and fulfillment systems. Both the companies have said that the combination would create a major producer in the Reverse Mortgage sector in California and nationally. Security One said that it will continue to add loan officers to its Orange County operations to serve the needs of the growing market.
Torrey Larsen, President of Security One Lending, said: “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. 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.”
David Bancroft, President of OMNI, said: “This incredible blend is a perfect mix, creating synergies that will propel our new entity to great heights. OMNI Reverse 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.”
San Diego, California-based Security One Lending is currently licensed in 13 states, and plans to be licensed in 38 states by year end. The firm has a diverse distribution channels (retail, consumer direct and wholesale) to support its lending efforts.
