Security One Lending Acquires OMNI Reverse

June 29th, 2009 | by John Yedinak Published in News, Reverse Mortgage | 20 Comments

Late Friday afternoon Security One Lending acquired OMNI Reverse in a stock transaction which makes it the 9th largest reverse mortgage lender according to HUD’s endorsement reports.

The combination of the two organizations will bring together leading origination forces, mortgage banking expertise and marketing/fulfillment systems into one company. 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”, said Torrey Larsen, President of Security One Lending. “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. Additionally, the corporate cultures of both firms are very similar, making the transaction extremely complimentary”

The combination of the two companies makes a lot of sense because each company brings something different to the table. Security One is provides OMNI with in house underwriting and the ability to sell directly to Fannie Mae which is something the Mission Viejo based lender didn’t have the ability to do before the deal.

OMNI brings its experience in building a direct to consumer channel which will double the production for Security One and turn it into one of the leading reverse mortgage lenders in the country.

“This incredible blend is a perfect mix, creating synergies that will propel our new entity to great heights. 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,” said David Bancroft, OMNI’s President.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Omni,Security One

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Anonymous

Paul,rnrnNot yet. Like most major RM lenders we probably will never be in all 50 but our target is to be qualified in at least 40 in 2010 and expand from there. At the same time we do offer HECMs through other lenders in several states we are not qualified to do business. We will also be looking at expansion into US Territories.rn
Anonymous

Interesting article on the founders…rnrnhttp://www.dfi.wa.gov/CS%20Orders/C-07-263-08-CO01.pdfrnrnThis could be why regulators are concerned and jumping all over this industry and calling it the next subprime
Anonymous

Does Security 1 write in all 50 states?
Anonymous

Best of luck, now get in NY.
Anonymous

At the end of 2006 upon joining Security One Lending, total HECM endorsements through our corporate affiliate (at that time a substantial forward mortgage lender) amounted to less than a handful. Throughout 2007, we experienced substantial growth and saw our company gain traction and experience real internal growth. In 2008 as the forward mortgage business ground to a standstill, we reorganized and began regrouping, ready for expansion. rnrnThroughout this period, we were noticing OMNI Reverse and saw it as a real potential partner. The more we looked, the more opportunities we realized they could bring to us and we, to them. As things progressed, the merger seemed like a natural and normal progression of events. rnrnHaving experienced and advised on several corporate acquisitions, the OMNI Reverse transaction seems more like a match than the typical acquisition. We look forward to building our brand and enterprise together. rn
Anonymous

Paul,rnrnNot yet. Like most major RM lenders we probably will never be in all 50 but our target is to be qualified in at least 40 in 2010 and expand from there. At the same time we do offer HECMs through other lenders in several states we are not qualified to do business. We will also be looking at expansion into US Territories.rn
Anonymous

Interesting article on the founders…rnrnhttp://www.dfi.wa.gov/CS%20Orders/C-07-263-08-CO01.pdfrnrnThis could be why regulators are concerned and jumping all over this industry and calling it the next subprime
Anonymous

Does Security 1 write in all 50 states?
Anonymous

Best of luck, now get in NY.
Anonymous

At the end of 2006 upon joining Security One Lending, total HECM endorsements through our corporate affiliate (at that time a substantial forward mortgage lender) amounted to less than a handful. Throughout 2007, we experienced substantial growth and saw our company gain traction and experience real internal growth. In 2008 as the forward mortgage business ground to a standstill, we reorganized and began regrouping, ready for expansion. rnrnThroughout this period, we were noticing OMNI Reverse and saw it as a real potential partner. The more we looked, the more opportunities we realized they could bring to us and we, to them. As things progressed, the merger seemed like a natural and normal progression of events. rnrnHaving experienced and advised on several corporate acquisitions, the OMNI Reverse transaction seems more like a match than the typical acquisition. We look forward to building our brand and enterprise together. rn
Anonymous

Paul,rnrnNot yet. Like most major RM lenders we probably will never be in all 50 but our target is to be qualified in at least 40 in 2010 and expand from there. At the same time we do offer HECMs through other lenders in several states we are not qualified to do business. We will also be looking at expansion into US Territories.rn
Anonymous

Interesting article on the founders…rnrnhttp://www.dfi.wa.gov/CS%20Orders/C-07-263-08-CO01.pdfrnrnThis could be why regulators are concerned and jumping all over this industry and calling it the next subprime
Anonymous

Does Security 1 write in all 50 states?
Anonymous

Best of luck, now get in NY.
Anonymous

At the end of 2006 upon joining Security One Lending, total HECM endorsements through our corporate affiliate (at that time a substantial forward mortgage lender) amounted to less than a handful. Throughout 2007, we experienced substantial growth and saw our company gain traction and experience real internal growth. In 2008 as the forward mortgage business ground to a standstill, we reorganized and began regrouping, ready for expansion. rnrnThroughout this period, we were noticing OMNI Reverse and saw it as a real potential partner. The more we looked, the more opportunities we realized they could bring to us and we, to them. As things progressed, the merger seemed like a natural and normal progression of events. rnrnHaving experienced and advised on several corporate acquisitions, the OMNI Reverse transaction seems more like a match than the typical acquisition. We look forward to building our brand and enterprise together. rn
James E. Veale, CPA, MBT

At the end of 2006 upon joining Security One Lending, total HECM endorsements through our corporate affiliate (at that time a substantial forward mortgage lender) amounted to less than a handful. Throughout 2007, we experienced substantial growth and saw our company gain traction and experience real internal growth. In 2008 as the forward mortgage business ground to a standstill, we reorganized and began regrouping, ready for expansion.

Throughout this period, we were noticing OMNI Reverse and saw it as a real potential partner. The more we looked, the more opportunities we realized they could bring to us and we, to them. As things progressed, the merger seemed like a natural and normal progression of events.

Having experienced and advised on several corporate acquisitions, the OMNI Reverse transaction seems more like a match than the typical acquisition. We look forward to building our brand and enterprise together.
dduck12

Best of luck, now get in NY.
Paul

Does Security 1 write in all 50 states?
James_E_Veale_CPA_MBT

Paul,

Not yet. Like most major RM lenders we probably will never be in all 50 but our target is to be qualified in at least 40 in 2010 and expand from there. At the same time we do offer HECMs through other lenders in several states we are not qualified to do business. We will also be looking at expansion into US Territories.
Anonymous

Paul,rnrnNot yet. Like most major RM lenders we probably will never be in all 50 but our target is to be qualified in at least 40 in 2010 and expand from there. At the same time we do offer HECMs through other lenders in several states we are not qualified to do business. We will also be looking at expansion into US Territories.rn

Security One Lending Acquires OMNI Reverse

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