Mercury Network, the valuation vendor management platform used by more than 700 lenders and Appraisal Management Companies (AMCs), has entered into a definitive agreement to acquire Platinum Data, a leading provider of valuation data and analytics solutions headquartered in Aliso Viejo, CA.
The country’s top 10 mortgage lenders already rely on Platinum Data’s analytical tools for appraisal quality control, and the two companies have offered an integrated solution serving the industry since beginning a partnership in January, 2015. No sale price was disclosed.
“Appraisal quality is an increasingly important compliance requirement and the addition of Platinum Data’s technology will expand the suite of services available to both companies’ customers,” said Will Clemens, CEO of Mercury Network. “Platinum pioneered automated appraisal underwriting and quality control, and expanding these tools in Mercury Network will help the industry enhance appraisal quality and gain efficiency.”
“Mercury Network and Platinum Data customers will have even more options”, said Jennifer Miller, President of Mercury Network. “Both companies already have integrations with other quality control solutions and appraisal management systems, and those relationships will continue. Our goal is to make it as easy as possible for lenders, AMCs, credit unions, servicers, investors and their vendors to choose the best suite of services for their business.”
“This is one of those ideal situations where one plus one equals three,” said Phil Huff, president and CEO of Platinum Data Solutions. “We can do more together than we could individually. It’s an exciting time for both companies. Everyone—customers, partners and employees of both Platinum and Mercury—will benefit from the innovation and growth this venture will bring going forward.”
Lance Fenton, Partner at Mercury’s primary investor, Serent Capital, noted, “Mercury’s growth over the past year has exceeded all our expectations, and this acquisition positions the company to rapidly expand their transaction footprint in the mortgage cycle. We look forward to working with the entire team to help deliver unmatched value to all customers.”
Platinum Data Solutions provides valuation data and analytics technologies that help mortgage lenders, servicers, investors, AMCs and their vendors value collateral, identify potential collateral weaknesses and manage collateral risk. The company’s online platform and analytical tools protect the country’s top 10 mortgage lenders and help hundreds of companies to perform due diligence and prevent collateral-based loss. Each year, Platinum Data protects billions of dollars in assets across the U.S. against collateral-based non-compliance, buybacks and other risks.
The company’s RealView system pioneered computer-assisted appraisal underwriting. Its valuation analytics channel provides the industry’s only turnkey services that assure the responsible use of AVMs. Platinum Data Solutions is based in Aliso Viejo, California and was founded in 2002.
“Going forward both companies will operate with open systems that collaborate with competitors in some cases,” added Clemens. “For lenders, we now have two other Platinum Data Solutions applications that we can offer them. For example, some of our lenders may want to use AVMs for HELOCs. We can now offer that service. We also have a bigger organization as compared to Platinum Data Solution so we can invest in Platinum and advance their systems faster.”
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.