SitusAMC has added another mortgage technology company to its rapidly growing proptech offerings.
The firm announced its acquisition of LogicEase Solutions, the parent company of mortgage compliance software provider ComplianceEase. Under the deal, ComplianceEase will operate as a wholly-owned subsidiary of SitusAMC with no planned changes to existing staff or operations.
“This acquisition is an important step in our goal of bringing greater automation and transparency to the residential market,” said SitusAMC CEO Michael Franco. “The combination of the ComplianceEase product set and our existing technologies enhances our position as a leading technology provider for the mortgage industry. Clients that fully participate in our ecosystem of solutions will ultimately be able to reduce secondary market trading diligence from days to minutes.”
SitusAMC’s technology portfolio includes systems of record for the custodial and warehouse space (emBTRUST and ProMerit); product, pricing, and eligibility for loan conduits (The Rate Lock System); document classification and data extraction (Acuity); document management (DocAcuity); and loan accounting (SBO.NET).
“SitusAMC was a logical choice for us given the company’s expertise in regulatory compliance requirements and passion for innovative technology,” said John Vong, founder of ComplianceEase who will stay on as chairman.”
Founded in 2001, Silicon Valley-headquartered ComplianceEase is a provider of compliance software supporting mortgage originators, capital and secondary market participants, and regulators. Since its inception, ComplianceEase has processed audits for over 90 million loans.
“ComplianceEase is a great fit with our broader technology platform,” said SitusAMC Chief Technology Officer Chris Consoli. “With an expanding technology team that boasts over 350 technologists, we are rapidly making progress on industry-moving initiatives.”