reQuire, LLC, a provider of compliance and risk management solutions to the real estate settlement services industry, has acquired several business units of Covius, LLC of Atlanta, Georgia in an asset purchase transaction. Covius is a provider of risk management and compliance-related services and technology to the mortgage industry. Financial terms of the deal were not disclosed. Through this agreement, reQuire adds Covius’ Residential, Commercial, and Technology business units to its existing Release Tracking and Title Curative businesses.
According to Linda Aparo, Director of Sales and Marketing at ReQuire, “The acquisition of Covius advances reQuire’s focused growth strategy and expands the company’s reach. We are thrilled to have the Covius staff in Atlanta join our reQuire team.” Aparo noted that the Covius and reQuire brands will operate independently in the near term.
Since 1996, Covius has provided mortgage advisory and technology services to the residential and commercial real estate finance industries, including:
- Residential Due Diligence Services: Loan Origination Review, Compliance Solutions, Document Management, Loan Underwriting and Risk Management;
- Commercial Insurance Review: analysis and discrepancy/compliance reporting;
- Technology and Applications Services: Convergence™ SaaS Applications, Custom Application Development, and Business Process Management.
Per Michael Cozzocrea, Covius’ Managing Director, “We are extremely excited with the acquisition. Our vision at Covius is to be a great place to work where our team members are inspired to be the best they can be and deliver exceptional results for our Client Partners. This acquisition by reQuire will further our investment in this vision.” The three Covius business units are largely risk management and compliance related and align well with the core mission of require, according to Cozzocrea. The combination of the two businesses will give require deeper positioning within the lending community, large insurers and government sponsored agencies.
“Through this acquisition, we look forward to offering more products and services to our customers within the settlement services space,” said Shannon Cobb, reQuire’s Chief Operating Officer. “Plus, the Covius technology boosts our ability to create new technology enabled products. We look forward to delivering new and exciting product innovations in the coming months.”