Synergy One set to acquire Western retail lender

Following the addition of several branches to its network at the start of 2024, Synergy One will purchase fellow retail lender Mann Mortgage, which is currently licensed in 28 states and employs over 500 people nationwide, according to the company's website. "There are a lot of really talented people at Mann, and some of our leadership has worked with a fair amount of Mann people as well in previous companies," said Synergy One CEO Steve Majerus in an interview with NMN. "Given that they're 100% retail like we are — similar technology platform — it was a pretty easy way for us to get aligned and put this together quickly."

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Mutual of Omaha accused of deceptive marketing by Longbridge

According to a complaint filed by Longbridge, its competitor is allegedly using a number of websites with fake reviews as a means to prop up its reverse mortgage business, equating to unfair business conduct. The New Jersey-based reverse mortgage lender wants to put a stop to Mutual's alleged tactics, a suit filed in a California federal court on Sept. 27 said. Specifically, Longbridge claims Mutual of Omaha uses misleading websites to manipulate senior consumers into choosing its services or Retirement Funding Solutions.

Affordability markedly improves for the first time in years

Homebuyers are finding houses more affordable than they were at this time last year. That should get the purchase market moving even if consumers are slow to react to the drop in mortgage rates. Consumers may be waiting to see what actions the Federal Reserve takes going forward and its impact on rates, Sam Khater, Freddie Mac's chief economist, said last week. Only 2.5% of U.S. homes changed hands in the first eight months of this year, the lowest turnover rate in at least the last 30 years, Redfin said.

Onity sells stake in JV as it ramps up capital restructuring

Onity on Monday announced several steps aimed at moving more quickly on efforts to strengthen its balance sheet, including selling its stake in a joint venture to its partner. The company is selling a 15% investment in a mortgage servicing rights investment vehicle to Oaktree Capital Management. Oaktree also plans to participate as an anchor investor in an Onity debt financing. Onity additionally is engaging in debt reduction, asset sales and securitization.

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