TransUnion Buys AccuPost to Bolster Post-Closing Services
TransUnion Settlement Solutions has acquired Denver-based AccuPost Corp., a technology and outsource services provider of post-closing solutions.
Terms of the deal were not disclosed.
TransUnion Settlement Solutions offers single-point access to services related to both loan origination and servicing, the company said.
The acquisition allows TransUnion Settlement Solutions to enhance and extend its suite of post-closing services by leveraging AccuPost's existing platform to deliver mortgage assignment and release processing, document retrieval, portfolio due diligence, document imaging and government-insuring services.
Rick Lynch, president of TransUnion Settlement Solutions, said the acquisition allows the company to provide lenders with a solution that will "help them increase productivity, achieve higher acceptance ratios of their collateral files and insure documents more efficiently."
TransUnion said the acquisition also addresses the current post-closing needs of subprime, direct and wholesale lenders whose large broker networks create challenges for lenders and trustees trying to maintain a chain of title. In the wake of the "refi boom," addressing trailing document issues represents a commitment of vast resources.
"By harnessing the power of our combined capabilities and expertise, mortgage lenders will feel the results of a more comprehensive solution," said Dick Solheim, chief executive officer of AccuPost.
Bob Raffa, group vice president at TransUnion Title and Closing Solutions, told MSN that the acquisition of AccuPost represents an expansion of the company's services beyond the loan closing process.
"There is an awful lot that goes on after the closing of the mortgage that the lender has to take care of," Mr. Raffa said. "What you really have to do is make sure all the paperwork in the package meets the requirements of the ultimate buyer."
The AccuPost service is available to lenders as an outsourcing solution through an application service provider basis or as a licensed software option. Mr. Raffa said TransUnion, which will re-brand AccuPost under the TransUnion name, is excited about potential synergies between the two organizations and their workforces and sales people from the loan origination and post-closing sides of the business.
"It is always nice to have more than one contact inside a large bank," he said.
The form post-closing unit will continue to operate in Denver and be managed by former AccuPost principals Dick Sollheim and Todd Tzeng.
TransUnion Settlement Solutions is a subsidiary of TransUnion, a global information company that offers financial products and servicers that enable customers to manage risk and capitalize on market opportunities. Based in Chicago, TransUnion employs 4,100 people supporting clients in 29 countries.
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