Security One Lending announced the management team of Seniors Reverse Mortgage will be joining the company to manage the branch development side of the San Diego, CA based reverse mortgage lenders business.
“We believe the addition of David Stevenson, Christine Louie, and Bill Smith will strengthen the overall management team of S1L. They have certainly built a respected franchise with expertise in the Branch Development side of our business,” said Tyler Larsen, CFO and lead contact on the deal. ”The ability to aggressively scale these Divisions through proven and focused management teams is a critical component towards growing market share.”
During FY 2010, Seniors Reverse Mortgage endorsed 354 HECMs, making it the 23rd largest reverse mortgage lender in the country according to data from the Department of Housing and Urban Development.
The company is built on 15 reverse mortgage branches located across the country using “standard” and “associate” locations.
”Based upon our working relationship with S1L over the last few years, we felt that Security One Lending was the best mix not only for our company but more importantly our branch managers,” said Stevenson. The state of the regulatory environment was also a factor in joining the company.
“Our long term view continues to be that the current regulatory environment threatens the viability of the independent broker,” Stevnson said. “Security One Lending has all the back office support, including fully staffed compliance, human resources, accounting, and marketing departments required to be successful as an organization. This move makes sense on so many levels.”
Security One Lending is currently licensed in 27 states and operates a retail, consumer direct, and wholesale operation to support its reverse mortgage operation.
Terms of the deal were not disclosed.