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.