American Mortgage Consultants, Inc. (AMC) has acquired String Real Estate Information Services, LLC (String), a leading provider of title search outsourcing services.
The acquisition of String further enhances AMCs ability to offer a comprehensive set of title quality control services to participants in the secondary mortgage market with the addition of title search services and other mortgage business process outsourcing capabilities, said AMC CEO Michael Franco. We realize that in todays mortgage market, cost efficiency and centralization of vendor offerings are critical. Combining Strings title service offerings and labor efficiencies with AMCs innovative technology solutions will provide comprehensive, high-quality and cost-effective solutions for AMCs clientele.
String will continue to be led by its existing senior management team, including Prashant Kothari, who will continue as its President. String has approximately 650 employees in the United States and in India. Although String will be a wholly-owned subsidiary of AMC, it will retain its separate branding.
The combination of Strings proficiencies with the market presence, relationships, and technology of AMC will bring unique capabilities and talents for the benefit of our clients, stated Kothari.
In addition to String, AMC acquired Meridian Asset Services, LLC in January 2019. This acquisition marks the sixth services firm acquired by AMC since December 2015. These acquisitions, along with organic growth and IT development, allow us to support secondary market participants throughout their operations lifecycle inclusive of document hosting, transaction data rooms, rate lock and transaction management systems for managing or selling into loan aggregators, due diligence, title search and quality control reviews, broker price opinions, collateral reviews, side letter management, curative actions, REO management, servicing surveillance and quality control, and deal agent services, stated Franco. As the largest provider of third-party review services for private label securitization, we believe AMC is uniquely positioned to satisfy a diverse set of client needs already; however, we will continue to examine opportunities to enhance our product and technology offering depth.
JMP Securities, LLC served as the exclusive financial advisor to String in connection with this transaction.
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.
About String Real Estate Information Services, LLC
String, founded in 2004, is a leading provider of business process outsourcing services to the title insurance and residential mortgage industry. Strings experts in title and mortgage have helped clients improve margins, reduce cycle times and reduce risk for the last 15 years. For more information, please go to www.stringinfo.com.
Jason Chudoba, ICR on behalf of AMC