Covius Completes Acquisition of Chronos Solutions

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Covius Holdings reports that it has completed its previously announced purchase of various businesses from Chronos Solutions, including its credit, flood, income and tax verification services, REO management and disposition, online foreclosure auction and homeowners association (HOA) tracking units.

Concurrently, Covius and New Residential Investment Corp. have completed New Residential’s strategic investment in Covius that was announced on May 1, 2019.

With its expanded solutions set, Covius also announced that it will now go to market through two new divisions, Covius Origination Solutions and Covius Servicing and Capital Markets Solutions.

As per a company press release, Covius Origination Solutions will include FundingSuite credit reporting and modeling; TaxDoor and VODAchek borrower verification services; flood and HOA determinations; lien preparation and tracking; valuations and appraisal workflow; and origination document, title and title curative services.

Covius Servicing and Capital Markets Solutions will include document management; loan modification and loss mitigation; REO management; RealtyBid auction services; asset management; loss mitigation title and curative services; compliance management; and due diligence and business process automation services.

Rob Clements, chairman and CEO of Covius Holdings, says the acquisition “significantly expands the critical services that Covius can digitally deliver across the mortgage ecosystem and deepens our product offerings.”

“Like the reQuire acquisition last year, this acquisition reflects the strategic plan that we have been executing for the past 18 months,” Clements says. “Other key elements in that plan include attracting new capital through our agreement with New Residential and the divestiture of our private-label fulfillment business.”

John Surface, president and chief operating officer of Covius Holdings, says the combined company is “designed to effectively serve our 5,500 clients and meet the changing needs of the origination, servicing, asset management and capital market sectors.”

“We are organizing our management team to align with our new client-oriented, go-to-market positioning and accelerate our enterprise-wide digital investments and partnerships,” Surface adds.

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