e mortgage outfit 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 origination forces, mortgage banking expertise, and marketing and fulfillment systems, Security One says. The mortgage banking operation, which is based in San Diego, will continue to handle all underwriting, document and funding/insuring responsibilities. 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," says 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." OMNI President David Bancroft characterizes the acquisition as a synergetic move. "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," he says. SOURCE: Security One