Assurant Specialty Property has expanded its risk management offerings to mortgage servicers and capital market investors by acquiring eMortgage Logic.
Assurant paid $17 million in cash for eMortgage Logic, which is a provider of residential valuation productions including appraisals, broker price opinions, property condition reports, value reconciliations, desktop reviews and local market analytics.
"eMortgage Logic augments our existing offerings and supports our business strategy, as we work to provide end-to-end services to mortgage and lending institutions," said Gene Mergelmeyer, president and chief executive officer of Assurant Specialty Property, in a press release on Thursday.
"More than ever, we can serve mortgage originators, servicers and capital markets investors with a comprehensive suite of risk management solutions, from insurance to valuation to property preservation," Mergelmeyer continued.
Assurant plans to retain the eMortgage Logic brand name. Ralph Sells, co-founder and chief executive officer of eMortgage Logic, will continue leading the company.
The North Richland Hills, Texas-based eMortgage Logic is expected to generate approximately $35 million annually in fee income from mortgage servicing and capital markets customers, the release said.
"In this dynamic environment, local market valuation is a vital part of managing risk," Sells said in the release. "We look forward to the opportunities created by this combination, which will enable us to better serve our clients' evolving needs."