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Credit Plus, a provider of mortgage verifications and business credit reports, has issued a joint statement that it is merging with UniversalCIS, a technology-enabled provider of credit data and origination services.
As a result, the new company will become the largest in the industry with over 750 employees servicing its combined 6,500 clients in the mortgage industry.
According to the press release, Credit Plus has over 30 years of experience assisting more than 2,700 banks, mortgage lenders, credit unions and brokers with its information and verifications services in the mortgage origination space.
On the other hand, UniveralCIS brings over 4,000 clients to the table which are serviced by utilizing an innovative technology process that offers credit data and origination that serves as the first interaction point for clients in the loan application process.
The release stated that the merger represents UniversalCIS’ latest milestone as the company continues to execute its growth strategy following the acquisitions of Universal Credit, CIS Credit, Avantus, DataFacts and SharperLending as well as an investment from Lovell Minnick Partners earlier this year.
“Credit Plus and UniversalCIS are widely recognized in the mortgage industry for providing best-in-class service and support during every stage of the mortgage origination life cycle,” said Perry Steiner, Chairman and CEO of the newly-combined company. “This merger emphasizes our commitment to providing our clients with the best technology, service and solutions to meet all of their needs, and we look forward to working with the Credit Plus team as we continue to accomplish this mission.”
While the financial terms of the transaction were not disclosed, the new business will use its combined 750 employees to maintain all of its operations in 12 separate states. In addition, the companies will continue to use their separate names for the time being, but the newly-formed company plans gradual rebranding in the future.
“The business will be headquartered in Philadelphia and led by the combined executive teams of UniversalCIS and Credit Plus, who will all maintain leadership roles going forward,” the release said. “UniversalCIS Chairman Perry Steiner will become Chairman and CEO of the business, Jerry Haftmann will become Vice Chairman and Credit Plus’ CEO Greg Holmes will become Chief Revenue Officer.”
“We are extremely proud of all that Credit Plus has achieved and believe that UniversalCIS’ culture and values align well with our company,” said Holmes. “Better together, we share a common vision for transforming verifications and insights to better serve all lenders and their borrowers. This transaction accelerates our shared focus of becoming the leading market provider. We look forward to continuing to provide excellent customer service and prioritizing our ability to deliver innovative solutions alongside the UniversalCIS team.”
“UniversalCIS has demonstrated its unique and impressive ability to scale and execute against its growth objectives,” said Jason Barg, Partner at Lovell Minnick. “This merger with Credit Plus, another impactful player in the mortgage industry, positions the combined company for continued growth and success, and we look forward to continuing our partnership with Perry, Greg, Jerry and the senior management team.”
