Landmark Network, a reverse mortgage appraisal management company, has been acquired by national AMC Class Valuation, formerly known as Class Appraisal.
Founded by Erik Richard in 2007, California-based Landmark Network manages the largest volume of origination appraisals for the reverse mortgage industry.
Class Valuation Chief Innovation Officer Scot Rose said Landmark’s niche specialty made for an appealing partnership.
“As we continue to execute our innovation strategy, we will take great interest in those firms that excel in service and reputation in markets we believe in,” Rose said. “Landmark is a leader in a market that we expect to grow as Baby Boomers look for options to carry them through retirement.”
As part of the acquisition, Richard will take on the role of chief operating officer of the Western region at Class Valuation and will oversee reverse mortgage support nationwide. Landmark’s senior management team will remain intact, as will its technology platform, Landscape.
“The company has a strong leadership team and the proven ability to support niche products,” Rose added. “That’s the kind of specialization and expertise we’re seeking as we continue to expand our footprint.”
Richard said he was impressed with the strategic plan that Class Valuation presented.
“I’m pleased that the team at Class understands the intrinsic value of customer relationship and service as well as the reverse mortgage market and customer-centric values we bring to the company,” Richard said. “There is no doubt that this market will continue to grow and that lenders working here will require our services.”
The acquisition of Landmark is one of many changes happening at Class this year.
In March, Class – a 2018 HW Tech100 winner – was acquired by private equity firm Narrow Gauge Capital. Earlier this month, the company changed its name from Class Appraisal to Class Valuation to better describe its expanded focus, which will include “new and disruptive” collateral valuation products. And finally, just last week, Class announced that former Accenture exec Michael Detwiler would take over as CEO.
When Narrow Gauge announced its acquisition of Class, Partner Adam Doctoroff said the company presented “the absolute best service model that we have seen in the appraisal management business,” and that the firm expected to see the AMC “generate continued significant growth.”
It appears the company is barreling into 2019 with plans to make good on that promise of growth.