Mortgage Contracting Services, an REO field services, appraisal management, title and settlement services vendor, will acquire Carrington Home Solutions' property preservation division in a deal expected to close by the end of the year.
Through the acquisition, CHS' property preservation operations will integrate into MCS' existing field services unit, according to the company. MCS will both inspect and maintain CHS' existing portfolio of properties. Terms of the acquisition were not disclosed.
"The acquisition of CHS’ field services unit enables MCS to expand our industry footprint, and increase our national presence and economies of scale," said Caroline Reaves, chief executive officer of MCS, in a press release. "Through our work with CHS in the past, we applaud the business they built. This addition is a perfect alignment with our MCS mission: being the leading outsourced services provider for banks, lenders, and mortgage servicers across the United States."
MCS has grown its portfolio of services and capabilities through other acquisitions over the past several years, including multiple national AMC valuation companies and title and settlement providers. The company has also expanded its field services division.
"This transaction further demonstrates MCS’ commitment to our clients and communities in which we operate," said Reaves. "We will continue to focus on quality, compliance and long-term relationships built on trust and integrity.
In October of last year, MCS announced its acquisition of title insurance and settlement services provider Lenders Title Solutions. It also acquired multiple business units from CoreLogic in 2014, forming MCS Valuations.
MCS is headquartered in Lewisville, Texas and has additional offices in Tampa, Fla. and Ruston, La.