San Diego, Calif.-based Synergy One Lending, which previously included reverse mortgage lender Retirement Funding Options (RFS), introduced this week the management-led asset buy (MBO) of the corporate’s distributed retail channel and the Synergy One model from Mutual of Omaha Mortgage.
Led by Synergy One CEO Steve Majerus and President Aaron Nemec, firm management expressed important optimism for the way forward for Synergy One in a press launch asserting the acquisition. Phrases of the deal weren’t disclosed.
“Aaron and I are sincerely grateful for the opportunity to lead Synergy One into the future. Our confidence in our team and our collective ability to execute couldn’t be higher,” Majerus stated.
The sale may even permit the corporate to align the corporate extra intently with a objective of specializing in fintech, in keeping with Nemec.
“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 stated.
The reverse mortgage enterprise previously owned by Synergy One is now a subsidiary of the Mutual of Omaha insurance coverage firm, and has been folded into the bigger organizational construction of Mutual of Omaha Mortgage. Final November, the Retirement Funding Options (RFS) model identify related to Synergy One’s reverse mortgage lending arm was retired in favor of the Mutual of Omaha Mortgage identify.
Final summer time, it was introduced that Mutual of Omaha Bank can be acquired by Pasadena, Calif.-based CIT Bank in a deal valued at $1 billion, however that merger is not going to embrace mortgage arm Synergy One Lending which incorporates the previous RFS. As a part of the pending acquisition, the possession of Synergy One Lending will shift to Mutual of Omaha Insurance coverage Co., in keeping with an organization announcement.
RFS was first established in 2015 as a subsidiary of Synergy One Lending by Torrey Larsen, who beforehand served as head of Safety One’s retail lending division, and served as firm president previous to Safety One being acquired by Walter Funding Administration Corp. in 2013. Mutual of Omaha first introduced its buy of Synergy One in May of 2018, and the deal was finalized that July.