American Mortgage Consultants, Inc. (“AMC”) has acquired Meridian Asset Services, LLC (“Meridian”), joining two of the premier service providers in the residential secondary mortgage market. Here’s what this will mean for the mortgage industry:
The transaction will unite Meridian’s leading collateral, curative and title QC capabilities with AMC’s third-party review services and technology to support rated private-label securitization transactions, due diligence and quality control.
“This transaction further highlights AMC’s commitment to being the foremost one-stop-shop for mortgage due diligence, consulting, advisory services and technology,” said AMC CEO Michael Franco. “We are excited to significantly enhance our service offerings through Meridian, a firm known for their quality and expertise. We expect this transaction to streamline operations for existing AMC and Meridian clients by centralizing activities, increasing transparency, and reducing cycle time.”
Meridian will operate as a subsidiary of AMC and retain its branding and senior management team. Meridian will continue to be overseen by Karen Riffe who is joining AMC as the President, Meridian Asset Services. Brian Hansen will also join AMC as the Director, Strategic Relationships & Initiatives. Through the acquisition, AMC will add approximately 250 full-time employees in the greater Tampa area.
“AMC’s commitment to the secondary market space and focus on continued investment in Meridian’s capabilities and offerings will create unique and differentiated services,” said Riffe. “We are excited to join AMC and look forward to working with AMC’s existing management team.”
Keefe, Bruyette & Woods served as financial advisor to Meridian.