Synergy One Lending announced Wednesday it will acquire some of the assets of Lombard, Illinois-based BBMC Mortgage, broadening its presence in both forward and reverse mortgage markets.
San Diego-based Synergy One, which offers reverse mortgages under the Retirement Funding Solutions brand, was recently acquired by Mutual of Omaha Bank. Mutual of Omaha stated its commitment to expansion upon the acquisition.
Synergy One’s Midwest presence will be expanded “significantly” through the acquisition, the company stated in the release, and expects to transition most BBMC employees to the company.
“The impact of combining these organizations is impressive,” said Terry Connealy, president at Mutual of Omaha. “It is unusual for market timing, talent and strategic direction to align in such a compelling manner and we’re excited by the possibilities that lie ahead.”
A division of Bridgeview Bank, BBMC provides both traditional and reverse mortgage products via its direct sales channel and loan originator network. Synergy One leadership touted BBMC’s marketing and origination team in its announcement of the deal, noting the access to a wider forward network as being a beneficial byproduct for reverse mortgage product marketing.
“This strategic acquisition broadens our team of originators, who will educate the clients and deliver the reverse mortgage to the appropriate clients,” Synergy One President Torrey Larsen tells RMD in an email. “As we have been saying for the last several years, the ‘Forward’ originators provide the greatest opportunity to expand the overall reverse market, specifically around the H4P product. We have created a plan in which our reverse and forward originators work as teammates and collectively grow their referral partners/networks together.”
Terms of the deal were not disclosed.
Synergy One launched its RFS brand in 2015 under the leadership of Torrey Larsen, former president of Security One Lending.
Written by Elizabeth Ecker