{"id":420557,"date":"2023-12-14T10:30:00","date_gmt":"2023-12-14T15:30:00","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=420557"},"modified":"2023-12-15T17:17:40","modified_gmt":"2023-12-15T22:17:40","slug":"thrive-mortgage-and-lower-strike-merger-deal","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/thrive-mortgage-and-lower-strike-merger-deal\/","title":{"rendered":"Thrive Mortgage and Lower strike merger deal"},"content":{"rendered":"\n

Texas-based lender Thrive Mortgage<\/a><\/strong> plans to merge with digital multichannel rival Lower<\/strong>, which will create a unified lender with more than 650 loan officers and 120 active branches across the country.<\/p>\n\n\n\n

Financial details of the merger, which is expected to close in the first quarter of 2024, were not disclosed.<\/p>\n\n\n\n

Over the last 12 months, Thrive has originated about $1.42 billion while Columbus, Ohio-based Lower has originated $1.88 billion during the same time period, according to mortgage recruiting platform Modex.<\/strong> In total the lenders have originated about $3.3 billion over the 12 months, which puts a combined company just outside the top 50 mortgage lenders in America by volume, according to Inside Mortgage Finance<\/strong> data. <\/p>\n\n\n\n

\n

The merger would change the leadership structure but maintain each brand. Selene Kellam<\/a>, the Thrive CEO, and Randell Gillespie<\/a>, the lender’s production head, would join a combined executive team with Lower. <\/p>\n\n\n\n

The executives would be under the leadership of Dan Snyder<\/a>, Lower CEO and cofounder, who said in a statement that the company is \u201cbuilding a better approach to mortgages with Lower\u2019s streamlined tech powering multiple channels.\u201d Snyder added that Thrive is a national lender with the same belief. <\/p>\n\n\n\n

Thrive Mortgage Chairman Roy Jones said the company focuses on \u201chaving the best people with the most forward-thinking technology in the industry, all of which is propelled forward with this partnership with Lower.\u201d<\/p>\n\n\n\n

In a statement, Kellam added that in September 2022, Thrive <\/strong>struck a deal<\/a> to acquire the Ohio-based lender American Mortgage Service Company<\/strong> (AMSC). The deal\u2019s goal was to expand into areas lacking a brick-and-mortar presence. Both companies generated most of their origination volume through the retail channel. <\/p>\n\n\n\n

\u201cLast year, we acquired AMSCo, a storied Midwest company that added incredible talent to our model. We are now excited to share another amazing opportunity that has presented itself to join Lower.com,\u201d Kellam said. <\/p>\n\n\n\n

Thrive was founded in 2011 in Georgetown. In 2021, Veritex Holdings<\/strong>, the parent company of Veritex Community Bank<\/strong>, acquired a 49% stake in the lender for $53.9 million<\/a>. The deal valued the company at roughly $110 million. Veritex is expected to keep a stake in the business following the Thrive and Lower merger. <\/p>\n\n\n\n

Lower is a multichannel, digital lender backed by venture capital firm Accel<\/strong>. It operates an online consumer-direct channel, an offline retail channel, and a third-party origination platform servicing brokers and other fintechs.  <\/p>\n\n\n\n

Due to market conditions, Lower slashed 6%<\/a> of its workforce in October 2022, leaving about 1,200 employees across its businesses. <\/p>\n\n\n\n

In January 2023, Lower rolled out<\/a> a mortgage as a service platform that enables consumer finance, banking and real estate companies to offer its mortgage products. iBuyer Opendoor was Lower\u2019s first white-label customer. 

In November, Denver-based Universal Lending<\/strong> announced it will become a division of Lower. Both retail and wholesale channels will be overseen by industry veteran, TJ Kennedy. <\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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