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December 14, 2023

Lower™ Doubles National Footprint in Merger with Thrive Mortgage

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GEORGETOWN, Texas and COLUMBUS, Ohio, Dec. 14, 2023 /PRNewswire/ -- Industry leaders Thrive Mortgage, LLC and Lower, LLC announced today an agreement to merge the two brands, Thrive Mortgage and 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. In accordance with the agreement, the closing is expected to occur in the first quarter of 2024, subject to satisfaction of conditions to closing, including receipt of required regulatory approvals.

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."

"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 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"

Leadership at Thrive were specifically attracted to Lower's future-forward path, including five key pillars of differentiation—progressive leadership and vision, cutting-edge marketing strategy, a standout private-label platform, unified technology stack, and the venture capital funding to pioneer new paths. These cornerstone traits were recently unveiled by Lower Co-Founder and Managing Partner Mike Baynes and newly appointed Chief Growth Officer Amir Syed.

Lower, LLC is a multi-channel, digital lender ranking as the 30th largest home lender in the country. Backed by top VC firm Accel, Lower operates an online consumer-direct channel, offline retail channel, and third-party origination platform servicing both brokers and other fintechs like Opendoor.

Headquartered in Georgetown, Texas, Thrive Mortgage is a family-owned business led by Chairman Roy Jones and Chief Executive Officer Selene Kellam along with an experienced management team with an average 10+ years of tenure with Thrive. As the first company in Texas to close a fully electronic note with a remote notary, Thrive is transforming the home financing process into a customer-centric, digital experience. Thrive Mortgage is licensed in 42 states and offers a full complement of mortgage program options including construction, reverse mortgages, and Non-QM alternatives.