![]() Nevertheless, RFS continued to exhibit a generally high level of performance, and it was that performance that started to catch the attention of prospective buyers. Because of the drag that the Home Equity Conversion Mortgage (HECM) program was placing on the Mutual Mortgage Insurance Fund (MMIF), the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) in October 2017 imposed new restrictions on principal limit factors (PLFs) for reverse mortgages, which would prove to be a major blow to the industry’s loan endorsement volume. ![]() By mid-2018, RFS and Synergy One had actually made it into the top 5 lenders, outdone only by more longstanding entities in the space like American Advisors Group (AAG), Finance of America Reverse (FAR) and Liberty Home Equity Solutions.ĭuring this time, however, the reverse mortgage industry suffered a significant setback. Over the next few years, RFS – and by extension its parent company, Synergy One Lending – worked aggressively to become a top 10 lender in the reverse mortgage industry. That task force has been a prominent organization within the reverse mortgage industry ever since, most recently becoming the foundation for the Academy of Home Equity in Financial Planning, currently housed at the University of Illinois. Both executives played pivotal roles in the formation of what was once called the Funding Longevity Task Force, an advisory board of academics who shared a goal of eliminating reverse mortgage misconceptions among financial planners and regulators. Larson and Pistone were also partners who had a history of working well together. Just a couple of months later in June of 2015, RFS hired industry executive and former senior vice president of the national retail sales force of Reverse Mortgage Solutions (RMS), Alex Pistone, to serve as the president of the new lender. Later in 2015 while still a newcomer to the reverse mortgage industry, RFS hired industry veteran Lisa Hatfield to join the new company’s operations team. “We will leverage the team’s collective knowledge and experience to deliver the best possible service and value proposition to our customers.” “Our sales force will be made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Larsen at the time to reverse mortgage industry publication Reverse Mortgage Daily. After making the initial announcement about its existence in January of 2015, the company quickly made plans to build a San Diego-based fulfillment center in the first quarter of the year, with distribution channels including a distributed retail channel, consumer direct channel, and third party originations (TPO). In terms of getting off the ground and running as a new operator in the reverse mortgage lending space, RFS wasted very little time. This proved to be the beginning for a reverse mortgage lender logically called Retirement Funding Solutions (RFS), the company that is today known as Mutual of Omaha Mortgage. Under Larsen’s leadership, Security One grew from being a start-up business comprising four employees, which eventually grew to become a top retail lender of reverse mortgages, and he decided to parlay that experience into the development of a brand new company. in 2013, chose to take things in a different direction at the beginning of 2015. Lender ranking: Mutual of Omaha Mortgage is the sixth-highest ranked reverse mortgage lender by loan volume based on November 2019 data.īrief history: Torrey Larsen, who served as leading executive at Security One Lending’s retail lending division, and served as company president prior to a point where Security One was acquired by Walter Investment Management Corp. Product offerings: HECM, jumbo reverse mortgages ![]() States licensed: 48 states and the District of Columbia, excluding New York and West VirginiaĬompany leadership: President Alex Pistone, Founder Torrey Larson. ![]() Lender Name: Mutual of Omaha Mortgage (DBA of Synergy One Lending) ![]()
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