reQuire, a provider of compliance and risk management solutions to the real estate settlement services industry, has acquired several business units of Covius, a provider of risk management and compliance-related services and technology, in an asset purchase transaction.
Terms of the deal were not disclosed.
The acquisition significantly expands reQuire’s reach in the mortgage origination, securitization and servicing markets. By adding Covius’ residential, commercial and technology business units to its existing release tracking and title curative businesses, reQuire will gain “deeper positioning within the lending community, large insurers and government-sponsored agencies,” says Michael Cozzocrea, managing director for Covius, in a release.
“Our vision at Covius is to be a great place to work where our team members are inspired to be the best they can be and deliver exceptional results for our client partners,” Cozzocrea says. “This acquisition by reQuire will further our investment in this vision.”
Linda Aparo, director of sales and marketing at reQuire, says the acquisition “advances reQuire’s focused growth strategy.” She notes that the Covius and reQuire brands will operate independently in the near term.
Since 1996, Covius has provided residential due diligence services, including loan origination review, compliance solutions, document management, loan underwriting and risk management. The firm also offers commercial insurance review, including analysis and discrepancy/compliance reporting. It also has a technology division that delivers its Convergence Software-as-a-Service applications, as well as custom application development and business process management.
“Through this acquisition, we look forward to offering more products and services to our customers within the settlement services space,” says Shannon Cobb, COO of reQuire. “Plus, the Covius technology boosts our ability to create new technology-enabled products. We look forward to delivering new and exciting product innovations in the coming months.”