American Mortgage Consultants (AMC) has acquired MBMS, a custodial and warehouse lending technologies provider, to automate the mortgage loan process for custodians and warehouse lenders.
AMC Chief Executive Officer Michael Franco said that the company would integrate its optical character recognition and document-management technologies with MBMS’ residential mortgage workflow systems. The integration will increase transparency, cut transaction cycle time, and lower costs for clients, he said.
“The combination of MBMS’ leading technology and AMC’s operational capabilities will also allow us to provide outsourced platform solutions to custodians and warehouse lenders, embed review processes directly into the technologies themselves, and implement unique and new solutions for market participants leveraging the expertise brought to us through our Meridian and String acquisitions earlier this year,” Franco said.
MBMS’ technologies track residential mortgage-loan collateral and fund mortgage-loan warehouses. The firm also serves as the systems of record for document-custodian portfolios and more than $40 billion in outstanding warehouse loans.
AMC has added MBMS to its subsidiary TechEssential, which offers mortgage technology products. MBMS will keep its branding and senior management team.
“AMC is a great fit given our collective vision surrounding the creation of next-generation solutions that are compatible with today’s 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.”