Xactus adds flood services with MassiveCert purchase

Xactus, which through a series of deals evolved into one of the largest trimerge credit report providers, has moved into the flood services segment of the mortgage transaction with the acquisition of MassiveCert.

Terms of transaction were not disclosed. MassiveCert is being rebranded as Xactus Flood Solutions.

Until now, Xactus offered flood zone determinations to its clients that were obtained from third parties. This acquisition will allow it to market its own proprietary flood data and technology products.

"The synergy between our companies was apparent from the onset, and the acquisition allows us to deepen our relationships in the mortgage industry," said Josh Price, co-founder of MassiveCert in a press release. The company provides flood zone determinations, elevation certificates, Letters of Map Amendment services, private flood compliance, and real-property risk assessment.

Lenders and servicers are required to ensure for the life of the loan that borrowers in designated flood zones have flood insurance. (Letters of map amendments are issued by the Federal Emergency Management Agency to change a flood map for a particular property.)

"We are excited to acquire MassiveCert and introduce additional innovative flood data solutions to our mortgage clients, and also establish our presence in the insurance industry," said Perry Steiner, Xactus chairman and CEO. "This acquisition is an extension of our strategy to offer a complete technology and data solution set for our mortgage industry clients."

Steiner created what is now known as Xactus starting in August 2020 with the combination of credit reporting companies CIS Credit Solutions and Avantus. A couple of months later, the company became UniversalCIS with the purchase of Universal Credit Services.

The company then moved into the appraisal technology business with the acquisition of SharperLending in January 2021. That July, it bought the lending solutions and appraisal management divisions of Data Facts.

Meanwhile, in March 2021, Lovell Minnick took a majority stake in UniversalCIS. At the time, Steiner said the funds would allow his company to make even more acquisitions.

Finally, in what was described as a merger of equals, UniversalCIS combined with Credit Plus, and the organization would later rebrand as Xactus.

The company expects to continue its acquisition spree going forward. 

"We will continue to both acquire and develop industry leading proprietary technologies that allow for workflow efficiency for our clients," Steiner said.