American Mortgage Consultants buys third party title search firm
American Mortgage Consultants has acquired title search outsourcer String Real Estate Information Services as part of ongoing efforts to support all the services secondary-market clients need to conduct trades.
The financial terms of the transaction were not disclosed.
"We're continuing to expand our product offerings, whether they are service or technology oriented. This is part of that overall narrative," Michael Franco, CEO of American Mortgage Consultants, said in an interview.
String Real Estate Information Services, which employs approximately 650 people in the United States and India, is now a wholly owned subsidiary of American Mortgage Consultants. String is continuing to operate under its original name, and its president, Prashant Kothari, retains his position in the deal.
"They've been successfully operating independently. We're not looking to change any of that. We're looking to leverage some of the capabilities within our own operations," said Franco.
American Mortgage Consultants' other recent acquisitions includes its purchase of Meridian Asset Services in January.
AMC will continue to seek out new acquisitions in cases where there are companies that add value, market presence or expertise the company lacks, Franco said. The company also plans to keep developing more products, services and technology organically.
Specific services that American Mortgage Consultants currently provides related to residential mortgages and other consumer loans include reviews of servicing operations, securitizations and mortgage servicing rights transactions.
The company also has a technology unit that offers digital mortgage products such as home loan and MSR pricing models, and tools that can be used to extract data from documents and electronically store them.