Lower and Thrive Mortgage will merge in 2024, the companies announced.
The deal will result in two brands under one umbrella with more than 650 loan officers and 120 active branches. Looking at the two companies’ combined originations in the last twelve months puts the new union just under the top 50 lenders in the U.S. by origination volume.
Thrive CEO Selene Kellam and production head Randell Gillespie will join Lower’s executive team, led by CEO and Co-Founder Dan Snyder. The press release did not clarify the fate of other Thrive execs.
“The commitment of Thrive to our team and our customers has always been to deliver the best mortgage experience with the highest quality resources,” said Thrive Mortgage Chairman Roy Jones.
“This has driven us to focus on having the best people with the most forward-thinking technology in the industry, all of which is propelled forward with this partnership with Lower.”
Thrive leadership pointed to Lower’s newly articulated “five pillars of differentiation” as the basis for a strong merger. Those include progressive leadership and vision, cutting-edge marketing strategy, a standout private-label platform, a unified technology stack, and venture capital funding to pioneer new paths.
The merger is slated for Q1 2024 so long as regulatory approval comes through and the conditions of closing occur in time.
“We’re building a better approach to mortgage with Lower’s streamlined tech powering multiple channels. Thrive is an award-winning, national lender with the same belief and we’re excited to bring them onto our platform,” said Lower CEO Dan Snyder.
Financial details of the deal were not disclosed.
Lower, LLC is a multi-channel, digital lender ranking as the 30th largest home lender in the country. Thrive Mortgage is a family-owned business headquartered in Georgetown, Texas.
Lower has recently pivoted to expansion, acquiring Universal Lending Home Loans’ retail and wholesale channels last month.