American Mortgage Consultants, a due-diligence firm that caters to secondary market participants, has been on a buying spree in the last few years, acquiring five different services firms since December 2015.
And the company is not ready to slow down either.
AMC announced this week that it acquired String Real Estate Information Services, a provider of title search outsourcing services.
The acquisition is the company’s sixth in the last 2+ years.
According to the companies, String will continue under the leadership of its existing senior management team, including Prashant Kothari, who will continue serving as president. String brings approximately 650 employees in the U.S. and India to AMC.
String will operate as a wholly owned subsidiary of AMC and will retain its separate branding.
“The acquisition of String further enhances AMC’s ability to offer a comprehensive set of title quality control services to participants in the secondary mortgage market with the addition of title search services and other mortgage business process outsourcing capabilities,” AMC CEO Michael Franco said.
“We realize that in today’s mortgage market, cost efficiency and centralization of vendor offerings are critical,” Franco added. “Combining String’s title service offerings and labor efficiencies with AMC’s innovative technology solutions will provide comprehensive, high-quality and cost-effective solutions for AMC’s clientele.”
As stated above, the acquisition is AMC’s sixth in recent memory. Earlier this year, AMC acquired Meridian Asset Services, which provides valuation services, due diligence, portfolio management, and other services.
In July, AMC acquired Iowa-based The Barrent Group, expanding its footprint into the Midwest and enhancing its offerings with securitization underwriting for various loan types and the review of seasoned re-performing, non-performing and performing assets.
And in early 2017, AMC acquired a business unit from Stewart Lender Services that focuses on credit, compliance, origination and servicing quality control reviews, as well as the due diligence and quality control-related technologies.
“These acquisitions, along with organic growth and IT development, allow us to support secondary market participants throughout their operations lifecycle inclusive of document hosting, transaction data rooms, rate lock and transaction management systems for managing or selling into loan aggregators, due diligence, title search and quality control reviews, broker price opinions, collateral reviews, side letter management, curative actions, REO management, servicing surveillance and quality control, and deal agent services,” Franco said.
“As the largest provider of third-party review services for private label securitization, we believe AMC is uniquely positioned to satisfy a diverse set of client needs already; however, we will continue to examine opportunities to enhance our product and technology offering depth,” Franco concluded.