From mergers and promotions to new apps and platforms, get the latest buzz on the mortgage industry in this weekly update.
WMIH Corp and Nationstar Mortgage Holdings Inc. with its flagship brand Mr. Cooper (formerly Nationstar) announced a merger earlier this week. The Dallas, Texas-based mortgage servicing company will merge with the former holding company of Washington Mutual Bank in a deal where Nationstar’s shareholders would get $1.2 billion in cash from WMIH Corp. and $702 million in shares of the new combined company that will trade on NASDAQ under the ticker symbol WMIH. Upon completing the transaction, the combined company’s Board of Directors will comprise seven members, including three from WMIH and four from Nationstar. “We expect this merger to create value for our shareholders in both the near and long-term, including immediate accretion on a cash EPS basis and a cash premium for those of our stockholders who elect to receive the cash merger consideration. I am passionately committed to continuing and accelerating our growth and investment as a leader in our industry, leveraging our best-in-class integrated servicing and origination platform,” said Jay Bray, CEO, and Chairman of Nationstar.
Safeguard Properties launched its next-generation multimedia Photo Direct application, introducing the use of panoramic photos, video, and audio to property preservation work in the field. “This is the only mobile system for property preservation today that will provide mortgage servicers with an enhanced, multimedia look into their portfolios,” said Alan Jaffa, CEO of Safeguard. The addition of video, audio, and panoramic to its existing applications will provide servicers with valuable information necessary to assess property damage and validate bids.
IndiSoft, a technology development firm that specializes in systems for the financial services industry, announced it has rebranded its module-based RxOffice technology platform to Sunesis, an enterprise-wide platform providing more flexibility in work processes. With Sunesis, which means the confluence of two rivers to create a single, deep and powerful current, IndiSoft offers clients unified products on a single platform along with a continuum of functionality versus modular components. Sunesis is delivered via the Platform as a Service model (PaaS).
Docutech, the Idaho Falls, Idaho- and Scottsdale, Arizona-based provider of document, eSign, eClosing, and compliance technology for the mortgage, home equity and consumer lending industries, has named Amy Brandt as its new CEO. Brandt, formerly President and COO, will continue to serve as the company’s president and will assume the CEO role from Founder Ty Jenkins, now the company’s chairman. “I couldn’t be more pleased to announce the appointment of Amy Brandt as Docutech’s new CEO,” said Docutech’s Founder and Chairman Ty Jenkins. “Amy possesses the strategic vision, expertise, tenacity, and exemplary leadership qualities we were seeking for this role and it’s clear she has what it takes to lead Docutech in this exciting next chapter of growth and beyond.”
Florida-based Black Knight, Inc has signed an agreement with M&T Bank, to implement Black Knight’s Enterprise Business Intelligence (EBI) solution to provide broader and deeper insight into the bank’s mortgage portfolio and to help improve efficiency across M&T Bank’s origination and servicing operations. LoanSphere Data Hub and LoanSphere Motivity—the primary components of the Enterprise Business Intelligence solution—are central to Black Knight’s innovative LoanSphere platform of integrated software, data, and analytics that supports the mortgage and home equity loan life cycle.