American Mortgage Consultants has acquired a business unit that handles due diligence and quality control for residential mortgages from Stewart Lender Services.
Altogether, AMC purchased Stewart's residential due diligence and servicing functions, including credit, compliance, origination and servicing quality control reviews. The deal closed Dec. 31; financial terms of the acquisition were not disclosed.
Stewart's employees associated with this business unit will transition to AMC and continue to work from the existing offices in Denver and Farmington Hills, Mich.
AMC also said it will hire Nick Volpe as senior vice president of quality control services in connection with the acquisition. Most recently, Volpe was the vice president of fulfillment solutions for First American Title Insurance Co.
For AMC, the transaction represents a part of a large expansion plan for 2017 that aims to add more services, capacity and technology offerings.
"The acquisition will expand our service offerings in the agency quality control and servicing quality control areas and allow AMC to offer a broader set of services to existing and new clients including software-as-a-service offerings," AMC CEO Michael Franco said in a news release Monday.
And for Stewart, the deal allows the company to streamline its operations.
"The transaction allows Stewart to streamline our operations while maintaining our existing focus on title services," Stewart Group President Patrick Beall said in the release. "We believe AMC will be an excellent partner for those current and former Stewart customers who will be transitioning the relationship for loan file review services associated with these businesses to AMC."