Lower, a Columbus, Ohio-based multichannel mortgage lender, has expanded its retail branch network for the second time in three months by becoming the parent company to Honor Home Loans.
Tennessee-based Honor will operate as a private-label retail group for Lower. It has multiple branches located in Alabama and Kentucky in addition to its home state, a Lower spokesperson said.
"As part of a benefit to joining Lower, they were offered the opportunity to build their own brand (or retain their brand as others have chosen), representative of their values," the spokesperson said. "As a lender focusing on helping military and first responders, Honor Home Loans was the natural choice to reflect their commitment to these groups."
Derek Vandlen, Honor's founder and a military veteran, is now the unit's vice president. More than 60 other employees are also staying onboard.
"In Lower, we found a parent company that's interested in partnering with us to make the customer journey the best it can be," said Vandlen in a press release. "In addition, we'll be expanding our product and service offerings to enhance our already great service from start to finish."
Besides retail, Lower participates in the direct-to-consumer and wholesale origination channels as well as
In June 2021, Lower completed
The private-label arrangement with the team behind Honor has a different structure from its first-ever acquisition,
And it is still in the market for additional relationships.
"We are aggressively looking for the right partners to join the company," the Lower spokesperson said.
