NEW YORK--(EON: Enhanced Online News)--American Mortgage Consultants (“AMC”) significantly expanded its service offerings by acquiring a business unit from Stewart Lender Services, Inc. (“Stewart”) responsible for due diligence and quality control of residential mortgages. The acquisition, which closed on Dec. 31, 2016, adds to AMC’s current service offerings and provides AMC with an expanded presence in both the origination and servicing quality control areas.
“We are excited to add the personnel, relationships, and assets associated with these businesses to the AMC team”
“We are excited to add the personnel, relationships, and assets associated with these businesses to the AMC team,” said AMC CEO Michael Franco. “The acquisition will expand our service offerings in the agency quality control and servicing quality control areas and allow AMC to offer a broader set of services to existing and new clients including software-as-a-service offerings. In addition, we will be expanding our existing due diligence capacity with the significant increase to our existing Denver footprint and adding a new underwriting center in Farmington Hills, Michigan. This acquisition is part of a broader expansion plan for AMC during 2017 to offer additional services, technology solutions, and market-leading capacity to our clients.”
AMC acquired Stewart’s residential due diligence and servicing functions, including credit, compliance, origination and servicing quality control reviews, as well as the due diligence- and quality control-related technologies. Stewart’s employees will be transitioned to AMC and will continue to work from existing Denver and Farmington Hills offices. AMC’s corporate headquarters will remain in New York City, and the main production facility will remain in Tampa, Fla.
“The transaction allows Stewart to streamline our operations while maintaining our existing focus on title services,” said Stewart Group President Patrick Beall. “We believe AMC will be an excellent partner for those current and former Stewart customers who will be transitioning the relationship for loan file review services associated with these businesses to AMC.”
Associated with the transaction and to lead AMC’s quality control efforts, AMC hired Nick Volpe as Senior Vice President, Quality Control Services. Volpe most recently served as Vice President, Fulfillment Solutions for First American Title Insurance Company.
“Nick has a deep understanding of the origination and servicing quality control space and we are happy to have him aboard to lead our efforts in this area,” Franco said. “We believe teaming AMC’s market-leading technology solutions and underwriting capabilities with Nick’s leadership and the high-quality staff transitioning to AMC will be a winning combination.”
American Mortgage Consultants (AMC), founded in 1996, is a leading nationwide residential and consumer loan due diligence, quality control, securitization review, MSR review, advance assessment, servicing oversight, and consulting services (operational and counterparty assessment) provider. AMC’s solutions are customizable and are catered towards Wall Street, banking, government agency, REIT, hedge fund, private equity, mortgage and bond insurer, originators, and mortgage servicing clients nationwide. With a market-leading team of mortgage professionals and nationwide reach, AMC creates solutions for our clients large and small. For more: www.amcfirst.com.
About Stewart Lender Services, Inc.
Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, is a nationwide provider of centralized origination title, default title, and REO asset solutions for mortgage lenders. With more than a century of experience matched with the industry’s leading technologies, SLS helps lenders, servicers and law firms meet the rapidly changing demands of today’s market. SLS has the financial strength, industry knowledge and proven flexibility to perform for any type of real estate transaction. More information can be found at http://www.stewart.com/lender-services.