American Mortgage Consultants, Inc. (AMC) has acquired MBMS, Inc. (MBMS), joining the industry leading provider of services for secondary market participants with the leader in custodial and warehouse lending technologies.
MBMS technologies (emBTRUST, ProMerit, and its EVault software offerings) are essential in tracking residential mortgage loan collateral and funding mortgage loan warehouses. These technologies, which are informed by over thirty (30) years of experience from the MBMS team, are the systems of record for (i) the largest Document Custodian portfolios in the industry and (ii) over $40 billion in warehouse loans outstanding at any one point in time.
This transaction is a watershed moment. By integrating MBMS leading systems, which provide mission-critical support for todays residential mortgage workflows, with AMCs optical character recognition and document management technologies, we will be able to deploy an unparalleled level of automation that will increase transparency, reduce transaction cycle time, and lower costs for our clients, said AMC CEO Michael Franco. The combination of MBMS leading technology and AMCs operational capabilities will also allow us to (i) provide outsourced platform solutions to custodians and warehouse lenders, (ii) embed review processes directly into the technologies themselves, and (iii) implement unique and new solutions for market participants leveraging the expertise brought to us through our Meridian and String acquisitions earlier this year.
MBMS, which will retain its branding and senior management team, will join AMCs TechEssential subsidiary, led by Chris Consoli. TechEssential, which now stands at approximately 200 technologists, provides technology solutions including: (i) optical character recognition classification and data extraction, (ii) document management, (iii) conduit management, (iv) servicing surveillance and oversight, (v) compliance solutions, and (vi) loan file review systems.
AMC is a great fit given our collective vision surrounding the creation of next generation solutions that are compatible with todays technologies and operating rhythms, said MBMS CEO Gary Andalora. We are excited to continue the expansion of MBMS product set with the broader support of the AMC platform and our fellow TechEssential team members.
About American Mortgage Consultants, Inc.
AMC, founded in 1996, is a leading nationwide residential and consumer loan due diligence, quality control, securitization review, MSR review, advance assessment, servicing oversight, consulting, and technology provider. AMCs market-leading team of mortgage professionals provide customizable solutions to financial institutions nationwide. For more information, please go to www.amcfirst.com and www.tech-essential.com.
About MBMS, Inc.
MBMS, founded in 1985, is the premier provider of technology solutions for custodians and warehouse lenders. The company is headquartered in Buffalo, New York. For more information, please go to http://www.mbms.com.
Jason Chudoba, ICR on behalf of AMC