Solidifi, a residential AMC serving more than half of the top 100 lenders in the U.S., announced May 4 that it has acquired Southwest Financial Services Ltd.
For more than 25 years, Cincinnati-based Southwest Financial Services Ltd. has delivered title, valuation and flood determination services for many of the nation’s largest lending institutions, processing more than 5,000 transactions a day.
According to Solidifi’s announcement, the acquisition extends and strengthens Solidifi’s solutions for the home equity market.
“The combination of Solidifi’s strength in purchase and refinance appraisals provided by our network of more than 25,000 appraisers, and Southwest Financial Services’ innovative home equity product offerings, creates a robust experience for lenders, who have access to a more complete suite of solutions,” Solidifi’s CEO Jason Smith said. “It’s a win-win. And it’s happening at the right time, as consumer confidence returns and the home equity market is growing at a rate of 30 percent year-over-year.”
“The synergies between Solidifi and Southwest Financial Services are undeniable,” Southwest Financial Services President Greg Schroeder said. “Both companies are dedicated to serving our customers at the highest level possible. We are equally dedicated to our people, who are the foundation for our success. They are dynamic and caring and always willing to go above and beyond for our customers. Our cultures are extremely compatible, and I am confident that our respective teams will flourish under this new structure. The acquisition paves the way for a powerful partnership going forward.”
Schroeder will remain an advisor to the company following the acquisition.
The acquisition was made with Solidifi’s existing cash resources. Concurrent with the acquisition, Solidifi’s parent, Real Matters, raised $60 million in financing to strengthen the company’s balance sheet and to pursue further strategic opportunities. The company has invested more than $30 million to date in its technology platform. Its enhanced platform is designed to further enhance appraisal and title transaction performance for Solidifi and Southwest Financial Services customers.