“Many of us legacy people who’ve been around for a while, who were working at the height of the industry’s volume, worked a lot with forward folks. And then looking forward to the integration with the forward side of the business, to be able to go into an office of ‘friendlies,’ as we call them, is fantastic,” Giordano says. “It’s been wonderful to be able to say that we represent such a fantastic brand. The addition of the time-honored brand and further integration with the forward mortgage side of the company also opens up the options available to both sides in terms of working together, Giordano says. That’s the Mutual of Omaha mission statement.” “The goal is to help them protect the things that they care about, and achieve their financial goals. “Our collective creed is that we want to help Mutual of Omaha customers, whether it’s insurance customers, financial planning customers, mortgage customers or reverse mortgage customers,” she says. The consolidation under the roof of Mutual of Omaha Mortgage - a time-honored brand with significant repute among consumers - will help to expand the reach of the reverse mortgage business by bringing the quality and recognition consumers expect from Mutual of Omaha more firmly into the reverse mortgage space, Giordano says.
The power of branding, future collaborations In numbers for the month of May that are inclusive of its reverse mortgage business, 3,313 families have been served leading to approximately $967 million in loan volume on both the forward and reverse sides, according to figures provided to RMD by Mutual of Omaha. “We’re really looking forward to having that opportunity to work together,” Giordano says. People who have been in the reverse mortgage business since the days of Wells Fargo’s and Bank of America’s time in the space likely recall what it was like to be able to more directly interact and work with forward counterparts under the same organizational roof, and the new exchange program at Mutual of Omaha has been designed to evoke similar efficiencies and collaborations, she says. But now, there are clear lines of leadership, and so we’re ready to cook on an exchange program.” “It’s taken a while to bring everybody together under one umbrella, and make sure that we’ve got common culture. “It’s taken a while, but we’d had a legacy Mutual of Omaha and there was BBMC,” Giordano explains. Now, all of the disparate moving parts from the other businesses operating within the proverbial “orbit” of Mutual of Omaha Mortgage have started to operate more closely together, Giordano says. A few months later in November 2019, it was announced that the RFS brand would be retired and that the operations of the former RFS would continue as Mutual of Omaha Mortgage. The following year, Mutual of Omaha Bank announced that it was to be acquired by CIT Group, in a deal which would not include the Mutual of Omaha Insurance company and by extension, Synergy One Lending/RFS. In announcing its acquisition, Synergy One lauded the marketing and origination team at BBMC. In late 2018, Synergy One Lending - the company who owns Mutual of Omaha Mortgage’s reverse business previously known as Retirement Funding Solutions (RFS) - acquired some of the assets of Lombard, Ill.-based BBMC Mortgage, aiming to broaden its presence in both the forward and reverse mortgage markets. Unifying the company, exchange program between forward and reverse mortgagesĪ lot has transpired to bring the company to this point. This is according to Shelley Giordano, enterprise integration at Mutual of Omaha Mortgage in an interview with RMD. In part, it’s doing this through access to its network of 350 forward originators and its national presence.Īfter a period of transition following acquisitions and changes in ownership structures, the company is now well-positioned to thrive in the reverse mortgage space after an effective integration of different businesses, which will help provide for future collaborations between forward and reverse mortgage personnel. After acquiring top-10 reverse mortgage lender Retirement Funding Solutions (RFS) in 2018 and a change in ownership structure, Mutual of Omaha Mortgage is gearing up for the long haul in reverse mortgages.
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