NovaStar Financial Inc. has acquired a majority interest in PipeFire LLC. PipeFire and its subsidiaries provide residential appraisal management and related services to third parties. The acquisition closed August 8.
Going forward, the business will operate under the name StreetLinks National Appraisal Services, with offices in Indianapolis and Kansas City, Mo.
‘We are excited about this acquisition and the opportunity to assist in growing what we believe to be a leading appraisal management company in the industry,’ states Lance Anderson, CEO of NovaStar Financial. ‘PipeFire is well known to us from our days as a retail lender, when we used its services in our operation. With the enhanced focus on the appraisal process as the result of the recent downturn in the housing market, we feel we can provide a valuable service to the lending community.’
Source: NovaStar Financial