Actual property companies and expertise agency SitusAMC simply acquired the father or mother firm of compliance technology provider ComplianceEase, the most recent in a collection of mergers and acquisitions which might be shaking up the mortgage tech area within the final 12 months.
ComplianceEase will function as a completely owned subsidiary of SitusAMC with no deliberate modifications to present employees or operations, SitusAMC mentioned in a information launch on Tuesday.
John Vong, a founding father of ComplianceEase, will keep on as chairman, and CEO Michael Jackson can even stay.
ComplianceEase, based in 2001, is the mortgage business’s largest supplier of compliance software program for mortgage originators, secondary market gamers and regulators. The agency says it has processed audits for over 90 million loans within the final 20 years. Its product suite consists of mortgage compliance methods, auditing expertise, and a portal to confirm state and federal licenses and registrations.
“This acquisition is a crucial step in our objective of bringing higher automation and transparency to the residential market,” mentioned SitusAMC CEO Michael Franco in an announcement. “The mix of the ComplianceEase product set and our present applied sciences enhances our place as a number one expertise supplier for the mortgage business. Shoppers that absolutely take part in our ecosystem of options will in the end have the ability to cut back secondary market buying and selling diligence from days to minutes.”
Phrases of the deal weren’t disclosed.
SitusAMC has launched into one thing of an acquisitions spree up to now 12 months, selecting up analytics firm Baseline Analytics and fintech agency Alan King and Firm.
With the acquisition of ComplianceEase, SitusAMC says it’s beefing up its resi tech merchandise, which now consists of methods of file on custodial and warehouse area (emBTRUST and ProMerit); product, pricing and eligibility for mortgage conduits (Fee Lock System); doc classification and information extraction (Acuity); doc administration (DocAcuity); and mortgage accounting (sbo.internet).
SitusAMC is competing in the identical area as highly capitalized rivals Black Knight Financial Services, and Intercontinental Change. The latter simply closed on an $11 billion deal to acquire Ellie Mae, a number one supplier of cloud-based companies for the mortgage finance business.
New York-based Berkery Noyes served as unique monetary advisor to ComplianceEase.
— to www.housingwire.com