Synergy One Lending merges into American Pacific Mortgage

Synergy One Lending is merging into American Pacific Mortgage in a move the companies say makes them one of the largest retail lenders in the country. 

The companies announced the deal Friday, which will keep the Synergy One Lending brand as a division of the Northern California-based APM. The combination is expected to increase combined production to around $14 billion a year. 

Terms of the deal were undisclosed, although the move is one of the larger deals between industry players so far this year. APM CEO Dustin Sheppard lauded Synergy One's culture and leadership, and praised CEO Steve Majerus will join APM as president. Aaron Nemec will remain president at Synergy One.

Majerus, whose company has scooped up smaller lenders in recent years, hinted at the acquisition strategy reverberating across every sector of the mortgage space today. 

"Scale is becoming essential to win and gives us the ability to invest aggressively in pricing, products, AI, technology, marketing, and customer acquisition," he said in a press release Friday.

Synergy One has 540 employees across 65 branches in 49 states, according to Friday's announcement. The San Diego-based company debuted a homebuilder division last year and acquired Mann Mortgage and Draper & Kramer branches in 2024. 

APM has a massive footprint, with over 1,700 sponsored mortgage loan originators and 403 branches nationwide, according to Consumer Nationwide Multistate Licensing System records. The company also onboarded branches and employees from various lenders in the wind down from the refinance boom. 

According to the most recently available Home Mortgage Disclosure Act data, APM originated over $7.3 billion in loan volume in 2024, while Synergy One originated just over $2 billion over the same period. 

More mergers and acquisitions

Home loan companies aren't showing signs of slowing the rapid pace of dealmaking of last year, as prospects for the next boom market remain relatively muted. The activity isn't limited to shops scooping up competitors, as lenders, servicers and vendors have undertaken a variety of acquisitions this year.

None of the deals this year have shaken up the industry like Rocket Cos.' spending spree last year, but a high-profile battle for Two Harbors and its Roundpoint servicing business persists. While massive retail lender CrossCountry's offer is favored by the company's board of directors, wholesale leader United Wholesale Mortgage is vying to keep afloat its original agreement, suggesting Friday it would further enhance its bid.