As part of the pending acquisition, the ownership of Synergy One Lending will shift to Mutual of Omaha Insurance Co., according to a company announcement. Last summer, it was announced that Mutual of Omaha Bank will be acquired by Pasadena, Calif.-based CIT Bank in a deal valued at $1 billion, but that merger will not include mortgage arm Synergy One Lending which includes the former RFS. Last November, the Retirement Funding Solutions (RFS) brand name associated with Synergy One’s reverse mortgage lending arm was retired in favor of the Mutual of Omaha Mortgage name. The reverse mortgage business formerly owned by Synergy One is now a subsidiary of the Mutual of Omaha insurance company, and has been folded into the larger organizational structure of Mutual of Omaha Mortgage. “This acquisition enables us to more aggressively pursue our pipeline of opportunities and to continue to evolve our operational and sales platforms in building a fintech-enabled company that aligns our team with the experience our customers demand,” Nemec said. The sale will also allow the company to align the company more closely with a goal of focusing on fintech, according to Nemec. Our confidence in our team and our collective ability to execute couldn’t be higher,” Majerus said. “Aaron and I are sincerely grateful for the opportunity to lead Synergy One into the future. Led by Synergy One CEO Steve Majerus and President Aaron Nemec, company leadership expressed significant optimism for the future of Synergy One in a press release announcing the purchase. Synergy One sat at number six overall in Reverse Market Insight’s most recent ranking of Home Equity Conversion Mortgage lenders, with 1,229 loans through the end of June.San Diego, Calif.-based Synergy One Lending, which formerly included reverse mortgage lender Retirement Funding Solutions (RFS), announced this week the management-led asset purchase (MBO) of the company’s distributed retail channel and the Synergy One brand from Mutual of Omaha Mortgage. “It’s not just a reverse mortgage - oftentimes that might be the right solution, but many times it’s not right.” “Just having the full product suite is really an advantage - product diversification so that you can fit that customer’s needs, no matter what it is,” he said. Some of those forward options could include home equity lines of credit, Connealy told RMD. “If a reverse mortgage is the best solution for that borrower, we’ve got that in our product lineup, but if it’s a traditional forward mortgage, that’s an option going forward as well,” he said. Mutual of Omaha Mortgage president Terry Connealy will oversee the entity going forward, telling RMD in May that the company would take an “agnostic” approach toward recommending reverse or forward mortgages to its clients. Synergy One will continue to operate as a wholly-owned subsidiary of its new Omaha, Neb.-based parent, maintaining its offices in San Diego and existing Retirement Funding Solutions brand name. “By combining our collective strengths, Mutual of Omaha Bank and Synergy One will be able to serve more customers who are in the market for a traditional or reverse mortgage.” “This acquisition brings together two organizations that complement each other strategically and culturally,” Mutual of Omaha Bank CEO Jeff Schmid said in a statement announcing the closing. The terms of the deal, first announced in May, remain undisclosed. The two parties received regulatory approval from the Office of the Comptroller of the Currency earlier this month, Mutual of Omaha Bank said Tuesday, with the transaction formally closing on July 16. Mutual of Omaha Bank on Monday completed its purchase of Synergy One Lending, Inc., cementing its entrance into the reverse mortgage marketplace.
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