SitusAMC Holdings Corp. has acquired ReadyPrice, the company announced in a release. ReadyPrice management team will be retained by SitusAMC.
Launched in 2020, ReadyPrice’s mortgage technology enables MLOs to manage and choose pricing, run automated underwriting, and deliver approved loans to lenders at no cost to the MLO. For lenders, ReadyPrice provides a way to scale their businesses, ensuring wholesale lending rates are included in every pricing engine search while providing brokers with a path to directly transfer DU approved loans, the company said.
ReadyPrice technologies support FNMA, FRE, FHA, VA, USDA, VA, and non-agency (non-QM, jumbo, etc.) loan originations.
The acquisition of ReadyPrice continues SitusAMC’s expansion of its residential loan origination support offering following the acquisition of ComplianceEase in September 2020 and the launch of the firm’s loan fulfillment offering in late 2020.
“ReadyPrice represents the beginning of our investments to bring market leading technologies to the brokerage community,” SitusAMC CEO Michael Franco said in the release. “Our goal is to form the bridge from new origination markets directly to the secondary market by combining our technology offerings, our connectivity throughout secondary markets, and our ability to provide processing, underwriting, and due diligence services.”
Rick Soukoulis, the founder of ReadyPrice, will continue to lead day-to-day operations.
“We’re thrilled to join SitusAMC and contribute to our shared vision of transforming the residential mortgage market,” Soukoulis said. “The combination of ReadyPrice with SitusAMC’s technology will yield an unmatched platform for the mortgage broker and wholesale lending community.”
ReadyPrice joins SitusAMC’s rapidly growing residential technology offerings, which include automated underwriting technologies for income and asset calculation, the release stated.