Former Security One Exec Launches New Reverse Mortgage Company

A former executive of Security One Lending is leading a new company into the reverse mortgage industry, the company announced this week.

Retirement Funding Solutions, a division of Synergy One Lending, has entered the reverse business and is targeting expansion. The company is being led by Torrey Larsen, who formerly led Security One’s retail lending division, and served as company president prior to Security One being acquired by Walter Investment Management Corp. in 2013. Under Larsen’s leadership, Security One grew from a start-up business comprising four employees to a top retail lender of reverse mortgages.

The company plans to build its San Diego-based fulfillment center in the first quarter of 2015 with distribution channels including a distributed retail channel, consumer direct channel, and third party originations.

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“Our sales force will be made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Torrey Larsen, President of Synergy One Lending. “We will leverage the team’s collective knowledge and experience to deliver the best possible service and value proposition to our customers.”

Retirement Funding Solutions is hiring professions currently to positions based in San Diego, including originations and marketing. It views the current market environment as an opportune time to enter the business; among some expected industry consolidation following program changes in 2015.

It also views its position as not holding legacy asset risk, as a strong point, noting that many Ginnie Mae issuers are dealing with write downs from their servicing units in the current environment.

“The headwinds of lower industry volume levels and the implementation of financial assessment make it an opportune time to establish a new way of creating business,” Larsen said. “The recent program changes have improved long term sustainability of the HECM program, so we look forward to building in this industry again. It is our belief that industry consolidation will continue in 2015, but a few strategically designed firms will expand market share in a meaningful way.”

Written by Elizabeth Ecker