Security One Lending (S1L) has secured the former owner of Security Reverse, based in Gig Harbor, WA. The combination of the two organizations will bring together “best of breed” origination forces, reverse mortgage banking expertise and marketing/fulfillment systems as it relates to the underserved Credit Union and Community Bank sector said S1L in a statement.
The mortgage banking operation, which is based in San Diego, will continue to handle all underwriting, document, and funding/insuring responsibilities.
“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. “Tane has built a scalable business model that is very intriguing to us. We believe both credit unions and community banks have been an underserved market. Security One Lending has also acquired the systems and work flow architecture, including a dedicated CRM tool, designed to focus exclusively on this business segment. The leadership and proven track record of success that Tane brings to our organization is impressive and will enable Security One Lending to grow during a year of business consolidation.”
“Security One Lending has been a leader in this great industry for several years now, and provides the culture, corporate reputation and leadership team that made this decision simple. The objective is to provide expertise in this very defined marketplace, and leverage both the Retail and Wholesale Lending platforms to build valuable and loyal relationships with other credit unions and community banks throughout the nation.” said Cabe.
Additionally, Cabe brings with him 5 relationships secured with 162 depository branches and $8.1 billion in assets says S1L. The company has endorsed 380 FHA insured reverse mortgages in FY 2010 according to HUD data.
