Family-owned Thrive Mortgage, LLC is merging with Lower, LLC. The two are expected to combine their teams in the first quarter of 2024.
This union will create a unified lender boasting over 650 loan officers and 120 active branches across the nation. Both entities, according to Modex, have collectively originated approximately $3.3 billion in the last year.
Lower CEO Dan Snyder stated, “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.”
Thrive Mortgage Chairman Roy Jones said the company's commitment to delivering the best mortgage experience with the highest quality resources was what drove them to team up with Lower.
“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," Jones said.
Thrive CEO Selene Kellam added, “last 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.”
Lower, LLC is a multi-channel, digital lender ranking as the 30th largest home lender in the country. It's backed by top venture capital firm Accel, Lower operates an online consumer-direct channel, offline retail channel, and third-party origination platform servicing both brokers and other fintech firms like Opendoor. Since the company is publicly traded, details of the deal are currently not available.
Thrive Mortgage is a family-owned business headquartered in Georgetown, Texas. The company is licensed in 42 states and offers a full complement of mortgage program options including construction, reverse mortgages, and Non-QM alternatives.
All the employees will remain in their positions, but it's unclear what will happen with executive management. At the moment, Thrive CEO Selene Kellam and production head for Thrive Mortgage, Randell Gillespie, will join the combined executive team with Lower under the leadership of Lower CEO and co-founder Dan Snyder.
