Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, announced it has broadened its client offerings to include appraisals, Broker Price Opinions (BPOs) and other valuation-related products through its acquisition of the Collateral Solutions and Field Services business units of CoreLogic, the California-based property information, analytics and data-enabled services provider.
Total consideration for the sale of Collateral Solutions and Field Services includes $25 million due at closing and an additional contingent amount of as much as $20 million based on the achievement of certain performance thresholds during the year following the closing of the transaction.
“We are very pleased that MCS has acquired CoreLogic’s Collateral Solutions and Field Services business units,” Corelogic President and CEO Anand Nallathambi said. “These businesses are leaders in their respective fields, and we look forward to their continued growth under MCS.”
The acquisition expands the MCS suite of mortgage services to include valuation products in both the default and loan origination sectors, and also represents a significant expansion of its representation in the property preservation industry.
“This acquisition will expand our presence across multiple service lines within default servicing and move us beyond the default segment through being able to offer our clients the opportunity to call on MCS for valuations, appraisals and BPOs, as well as field services,” MCS CEO Caroline Reaves said. “This will allow us to service our clients with an expanded product range and ensure their compliance with federal, state and local regulations at every step.”
According to Reaves, the Collateral Solutions unit, based in Sandy, Utah, will remain in its current location, and MCS has no plans to change its management team or operational structure. The Field Services unit, which is based in Westlake, Texas, will be combined with the MCS operations in Plano, Texas.