Covius seeks to deepen its technology ties with Chronos acquisitions
Covius Holdings plans to buy several businesses from Chronos Solutions that support mortgage servicing and origination processes, including three delivery platforms that will increase the breadth of its technology offerings.
Terms of the transaction were not disclosed.
Covius plans to close the deal in the next month or two if it can obtain required approvals and consents, and retain key senior management and operating team members. The additions will increase its total staff to more than 600 employees. Covius plans to maintain Chronos' offices in Rainbow City, Ala.; Long Beach, Calif.; Nashville, Tenn.; Austin and Coppell, Texas; and Spokane Valley, Wash.
Default management and homeowners' association lien-tracking services are among the Chronos businesses Covius plans to acquire. The former LenderLive also will purchase Chronos' credit, flood, government, and income and tax verification services.
Covius intends the acquisition to complement its existing offerings, which include lien and curative title, settlement, automated business process, quality assurance and compliance services.
"This transaction will strengthen Covius' presence on the origination services side of the market, broader our solutions for services and asset managers and bring us several established delivery platforms," John Surface, Covius' president and chief operating officer, said in a press release.
"For the past 18 months, we have been rigorously executing a strategic plan to invest in technology-enabled services while divesting our private-label fulfillment operation. Combined with New Residential Investment Corp.'s recent agreement to make an investment in Covius, this acquisition further expands the critical services that Covius can deliver digitally," Rob Clements, Covius' chairman and CEO, said in the press release.
Computershare agreed to buy LenderLive's private-label fulfillment subsidiary, LenderLive Network, last year.