Xome Holdings, an indirect wholly-owned subsidiary of WMIH Corp. (formerly known as Washington Mutual), has acquired Assurant Mortgage Solutions, a division of Assurant providing mortgage technology, valuations and field services, for $35 million in cash.
Assurant Mortgage Solutions offers a range of software and services geared to help mortgage lenders and servicers reduce risk including origination, title, flood insurance, inspections, lender-placed insurance, property preservation, default valuations and REO disposition.
Xome is a provider of technology and data-enhanced solutions for homebuyers, home sellers, real estate agents and companies engaged in the origination and/or servicing of mortgage loans.
The acquisition expands Xome’s footprint and grows its third-party client portfolio across its valuation, title, and field services businesses.
Assurant Mortgage Solutions’ clients will gain access to Xome’s customer-centric full-service real estate platform.
Nearly all of Assurant Mortgage Solutions’ employees will join Xome.
“Successful execution of our profitable growth strategy requires us to align resources with our best opportunities,” says Michael Campbell, president of Assurant Global Home, in a release. “Our sale of the Mortgage Solutions business is driven by our ongoing desire to focus on lines of business where we have leadership positions, as well as to strengthen our offerings and capabilities in lender-placed homeowners insurance, multifamily housing, and the connected home. Assurant will work closely with Xome to ensure a smooth transition of the business for its clients, employees and business partners.”
Last week it was announced that WMIH had completed its acquisition of Nationstar Mortgage Holdings Inc.
The combined company will offer both mortgage servicing and a fully integrated loan originations platform, supported by the Xome business.
Nationstar, one of the largest mortgage servicers in the country, now operates under the brand name Mr. Cooper.