Last week there was a lot of talk about mergers and acquisitions. DocMagic acquired eSignSystems and eLynx acquired Medallion Analytics. However, with all the chatter centering on these two deals, a third acquisition went under the radar. Here’s what happened:
Nationwide Appraisal Services Inc., (NAS) Canada’s leading appraisal management company (AMC), has entered the $1.3 Trillion mortgage marketplace in the United States through the acquisition of the majority interest in InHouse, Inc. (“InHouse”), a national AMC and innovative appraisal management software (AMS) company, based in Ponte Vedra, Florida and Huntington Beach, California.
NAS, through a related party, has acquired InHouse from its founders. InHouse was founded in 2002 and has a unique value proposition for U.S. financial institutions with their core appraisal management product: Connexions.
Specifically, InHouse Connexions is a cloud based customizable appraisal management software solution and administration panel. Connexions gives lenders the freedom and bandwidth to work with a limitless number of AMCs, appraisal companies, their own trusted panel of appraisers and any QC vendor in the marketplace. Connexions supports consistent quality control policies and procedures with one system of record and is directly integrated into the UCDP portal. Connexions partners with its AMC channel and allows lenders to design and manage the appraisal process from a menu of options dependent on the appetite for risk and their unique needs, from basic platform usage to outsourcing the entire process or anything in between.
Established in 1996, Nationwide Appraisal Services Inc., widely known in the industry as NAS, pioneered and continues to lead the appraisal and risk management process for Canadian financial institutions. Currently NAS operates across Canada in both official languages, in 17 countries in the Caribbean, and has recently launched in Mexico with a Spanish platform. Entering the United States was a natural evolution to expand NAS’ international growth strategy to enter markets where it can leverage its 20-year valuation and risk management expertise by offering its innovative solutions to under-serviced markets.
“NAS has provided Canadian financial institutions and the broader lending community with comprehensive solutions to navigate the appraisal and risk management processes through our best-in-class suite of tools and data analytics and is excited to partner with the leadership of InHouse who have demonstrated deep domain expertise in developing a niche product offering that addresses the unique needs of the more than 1,000 top mortgage originators in the US. Jennifer Creech, President & CEO, and Patrick McDaniel, CTO, have built InHouse into a national AMC through exceptional client service and innovation and we are excited to welcome them to NAS,” states Tom McCormick, founder and CEO of NAS, who will become the Chairman of InHouse.
Jennifer Creech, President and CEO of InHouse, commented, “having NAS as our partners will provide InHouse with the resources, infrastructure and the ability to offer our current and future customers the unrivaled expertise that can only come with 20 years’ experience in the appraisal industry, having managed almost 3 million appraisals for some of the largest financial institutions in North America. The combination of NAS and InHouse will create significant synergies that will bring to bear the strength of both of our leadership teams and an agile product development process that will offer our clients the benefit of a strong platform led by seasoned experts from the appraisal, mortgage lending, and technology industries.”
The NAS appraisal management system, tools and data analytics combined with InHouse Connexions will form a new suite of products and services. No sale price was disclosed.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.