Radian Group is growing its valuations business, as the company announced Wednesday that it acquired Independent Settlement Services, a national appraisal and title management services company.
Independent Settlement Services currently provides real estate information and valuation solutions in all 50 states. According to Radian, the acquisition also includes Independent Settlement Services’ proprietary technology, “Vendor Information Bridge (or VIBe)”, a web-based, real-time vendor management and settlement services technology system.
The VIBe program gives lenders, appraisers, servicing firms, due diligence firms, and appraisal management companies an automated platform to manage the ordering and delivery of products and services.
And now, the program along with all of the rest of Independent Settlement Services will be part of Radian.
According to Radian, the acquisition is “consistent with Radian’s growth and diversification strategy,” and the company’s focus on the product offerings of its title, mortgage and real estate services businesses.
Independent Settlement Services will continue to operate under its current brand for the time being and will continue to operate out of its office in Pittsburgh, Pennsylvania.
Independent Settlement Services’ current senior management team, which includes Ed Chezosky, one of the company’s founders, will continue to lead the company’s day-to-day operations and will work to expand its business through Radian’s existing customer base.
Eventually, Independent Settlement Services will be rebranded under Radian’s new unified brand identity, One Radian, which will see all of its underlying companies and subsidiaries rebranded to carry the Radian name.
“We are pleased to welcome Independent Settlement Services to the Radian family of companies, expanding our capabilities and providing our customers with the real estate information and valuation solutions they need, powered by best-in class technology,” Radian Chief Executive Officer Rick Thornberry said.
Financial terms of the deal were not disclosed.