bizSanDiego the business of san diego county

Security One Lending, a Leading Reverse Mortage Lender, Acquires OMNI Reverse

Friday, July 03, 2009

By

SAN DIEGO--(BUSINESS WIRE)--Security One Lending has acquired OMNI Reverse in a stock transaction, pending State and Regulatory approvals. The combination of the two organizations will bring together “best of breed” origination forces, mortgage banking expertise, and marketing and fulfillment systems. The mortgage banking operation, which is based in San Diego, will continue to handle all underwriting, document, and funding/insuring responsibilities.

The combination will create one of the most significant producers in the Reverse Mortgage sector in California and on the National stage. The company is continuing its efforts of adding additional Loan Officers to its Orange County operations to serve the needs of the growing market.

“We believe the combined entity will be well positioned to compete for market share as the industry, in my opinion, experiences consolidation during the next 18 months”, said Torrey Larsen, President of Security One Lending. “The leadership team at OMNI Reverse has established itself as one of the most respected in the industry and the process by which they have run a successful consumer direct retail platform was key in our final decision to acquire OMNI. Additionally, the corporate cultures of both firms are very similar, making the transaction extremely complementary,” said Larsen.

“This incredible blend is a perfect mix, creating synergies that will propel our new entity to great heights. OMNI Reverse has been looking for a long time for a partner like this and we are extremely excited and look forward to expanding our reach. Few times in my life have I seen two separate parts come together so perfectly,” said David Bancroft, OMNI’s President.

According to a recent study called the Changing Role of Home Equity and Reverse Mortgages, by the MetLife Mature Market Institute, growing numbers of older homeowners are starting to tap their housing wealth, using home-equity or reverse mortgages. However they are often unsure about how to include this asset as an integral part of their financial strategy, rather than as a last resort.

About Security One Lending

Security One Lending is currently licensed in 13 states and plans to be licensed in 38 states by year end. The firm has both a diversified product mix (reverse and forward) and has created a variety of distribution channels (retail, consumer direct and wholesale) to support its lending efforts. Security One Lending is a FNMA Approved Seller/Servicer based in San Diego, CA.

Security One Lending will provide the Senior Homeowner with an educational and informative reverse mortgage experience. The complete process will have been a no pressure, ethical and honest relationship with trust serving as the foundational principal. Our goal is to provide financial independence to all Senior Homeowners in America. Security One Lending will be known as the national service provider, and the preferred choice among Senior Homeowners for information and education on the Reverse Mortgage Process.

For more information on Security One Lending, call 866-480-4715 or visit http://www.securityonelending.com/

For additional information on OMNI Reverse, call 949-421-3700 or visit www.omnireverse.com

OMNI Reverse is based in Mission Viejo, CA.

Source: BUSINESS WIRE