SitusAMC acquires mortgage technology firm ComplianceEase
SitusAMC Holdings has added yet another company to its portfolio, acquiring LogicEase Solutions, the parent of ComplianceEase. Terms of the deal were not disclosed.
The Silicon Valley-based ComplianceEase will operate as a wholly owned subsidiary of SitusAMC, with no changes to staff or operations. The management team will remain in place, with one of ComplianceEase founders, John Vong, serving as its chairman.
ComplianceEase, founded in 2001, provides compliance software for mortgage originators. The company says it has provided audits for over 90 million loans since its inception.
"This acquisition is an important step in our goal of bringing greater automation and transparency to the residential market," said SitusAMC CEO Michael Franco in a press release. "Clients that fully participate in our ecosystem of solutions will ultimately be able to reduce secondary market trading diligence from days to minutes."
SitusAMC was created in June 2019 with the merger of Situs Group Holdings and American Mortgage Consultants. In the months before teaming up with Situs, American Mortgage Consultants was an active acquirer of businesses, including String Real Estate Information Services and Meridian Asset Services.
Other SitusAMC units include mortgage servicing valuation and brokerage firm Mountainview Financial Solutions and advisory firm The Collingswood Group, where current Department of Housing and Urban Development Deputy Secretary Brian Montgomery worked while he was out of government service.
The ComplianceEase product set will be added to other SitusAMC technology offerings in the residential mortgage business, which include systems of record for custodial and warehouse lines; product, pricing and eligibility for loan conduits; document classification and data extraction; document management; and loan accounting.
Berkery Noyes served as exclusive financial advisor to ComplianceEase for this transaction.