Axia Financial has acquired Stay In Home Reverse Mortgage and its team, amidst much industry consolidation and acquisition activity within the reverse mortgage industry in recent months. The Bellevue, Wash.-based company has announced that Stay In Home and its team of 11 loan officers is now operating as a division of Axia Financial.
Stay In Home’s founder, Marty Taylor, has moved into the position of president of the newly formed division, after starting the company six years ago.
Formerly a Top-20 reverse mortgage lender and the largest independent reverse mortgage originator in the Northwest, Stay In Home endorsed 697 reverse mortgages in 2009 and dropped off to 277 loans in 2010, according to data from ReverseBase.
Several potential acquirers showed interest in the company last year, but no buyer emerged at the time as loan volume continued downward, according to sources close to the deals.
“Stay In Home Mortgage had been seeking a partnership with a company that could support our expansion plans while insuring our senior clients receive the best quality and origination service in the industry. Axia Financial couldn’t have been a better fit. We are now underwriting and funding our reverse mortgages in house and have the resources to grow our mutual business in ways that make a positive impact in the senior community,” Taylor said.
Founded in 2007, Axia plans to be operating in eight states and currently has 81 originators and 17 branches.
“After several years of contemplating a move into the Reverse Mortgage market, we are thrilled to have found an exceptional partner in Marty Taylor and Stay in Home to help Axia Financial meet the growing need of our senior clientele to access a better quality of life,” said Gellert Dornay, CEO of Axia Financia.
Axia was founded in 2007 and is soon to be operating in eight states.
Stay In Home will continue to operate from its Kirkland, Wash.-based offices.
Written by Elizabeth Ecker