American Mortgage Consultants Inc. (AMC), which offers loan due diligence, quality control, securitization review, MSR review, advance assessment, servicing oversight, consulting and services, along with technology solutions, has acquired String Real Estate Information Services, a provider of title search outsourcing services.
Terms of the deal were not divulged.
In a release, the company says the acquisition adds title search capabilities and a variety of mortgage business process outsourcing capabilities to AMC’s core competencies.
String will continue to be led by its existing senior management team, including Prashant Kothari, who will continue as its president.
String has approximately 650 employees in the U.S. and in India. Although String will be a wholly-owned subsidiary of AMC, it will retain its separate branding.
“The acquisition of String further enhances AMC’s ability to offer a comprehensive set of title quality control services to participants in the secondary mortgage market with the addition of title search services and other mortgage business process outsourcing capabilities,” says Michael Franco, CEO of AMC. “We realize that in today’s mortgage market, cost efficiency and centralization of vendor offerings are critical. Combining String’s title service offerings and labor efficiencies with AMC’s innovative technology solutions will provide comprehensive, high-quality and cost-effective solutions for AMC’s clientele.”
AMC also acquired Meridian Asset Services in January.
This acquisition marks the sixth services firm acquired by AMC since December 2015.
“These acquisitions, along with organic growth and IT development, allow us to support secondary market participants throughout their operations lifecycle inclusive of document hosting, transaction data rooms, rate lock and transaction management systems for managing or selling into loan aggregators, due diligence, title search and quality control reviews, broker price opinions, collateral reviews, side letter management, curative actions, REO management, servicing surveillance and quality control, and deal agent services,” Franco says. “As the largest provider of third-party review services for private label securitization, we believe AMC is uniquely positioned to satisfy a diverse set of client needs already; however, we will continue to examine opportunities to enhance our product and technology offering depth.”