“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.”Ībout Synergy One Lending, Inc. “The impact of combining these organizations is impressive,” Connealy said. The transaction significantly expands Synergy One’s footprint in the Midwest and brings complementary strengths to the company while building on common culture, technologies and talent, Connealy said. “I’m confident this will be an excellent fit for our mortgage customers and employees.” “Synergy One and Mutual of Omaha Bank put their customers first, which aligns closely with BBMC’s culture and commitment to honesty, fair dealing and superior customer service,” said Jeff Gennarelli, President of BBMC Mortgage. In South Dakota Senate, far-right lawmakers rankle GOP We are excited by the potential this transaction offers to expand and serve more customers in the traditional and reverse mortgage markets,” Connealy said. “BBMC has built an impressive team and we are a strong cultural fit – with both firms committed to a relentless drive towards an exceptional customer experience through the combination of talent, technology, and digital marketing expertise. The terms of the transaction were not disclosed. In addition to acquiring select assets and leases, Synergy One expects to transition most BBMC employees to the company, which is a wholly owned subsidiary of Mutual of Omaha Bank that also does business as Mutual of Omaha Mortgage.
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Synergy One Lending is ranked fifth among the top 10 reverse mortgage lenders in the industry, having endorsed 1,850 loans over the past 12 months based on July data from Reverse Market Insight.SAN DIEGO-(BUSINESS WIRE)-Oct 31, 2018-Synergy One Lending has reached a definitive agreement to acquire certain assets of BBMC Mortgage, a national mortgage company based in Lombard, Ill., Synergy One CEO Terry Connealy announced.Ī division of Bridgeview Bank, BBMC offers a full suite of home financing products and services including traditional mortgage products and reverse mortgages through a wide network of loan officers, as well as direct sales channels. “That was a good long-term change for the product, and it’s still a very attractive product for a lot of borrowers,” Terry Connealy, CEO of Synergy One Lending, told RMD at the time the acquisition was announced. Mutual of Omaha first announced its purchase of Synergy One in May of 2018, and the deal was finalized that July.Įven with the acquisition being made on the heels of the highly-influential changes to principal limit factors handed down by the Department of Housing and Urban Development in October of 2017, those changes did not derail Mutual of Omaha’s plans to enter the reverse mortgage space, said one executive.
The brand of Synergy One Lending will also be continuing, he added. “This move, which has the full support of our leadership team, is an important step in our future growth as we anticipate being able to more fully leverage the Mutual of Omaha brand in the reverse markets, as well as continue to use the Mutual of Omaha Mortgage for part of our forward business,” Larsen said. Mutual has chosen to keep and grow the mortgage business and sees opportunities around building value for our combined customer base.”īy remaining with Mutual of Omaha, Synergy One will be better positioned to build upon the parent company’s established brand in the marketplace, said Larsen. “The mortgage business is a strategic fit that aligns with Mutual of Omaha’s mission and customer-focused strategy. “I’m excited to announce that we will remain part of Mutual of Omaha Insurance,” said Torrey Larsen, president of Synergy One Lending in an email to RMD. That business, including the reverse mortgage lending brand Retirement Funding Solutions (RFS), will remain under the Mutual of Omaha Insurance umbrella. Nebraska-based Mutual of Omaha Bank has announced it will be acquired by Pasadena, Calif.-based CIT Bank in a deal valued at $1 billion, but the merger will not include mortgage arm Synergy One Lending.
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