Mortgage Connect, a capital markets services provider to the residential mortgage-backed securities (RMBS) industry, has closed its acquisition of ADFITECH, a source of outsourced mortgage services, creating a single national provider of linear mortgage industry services, the company announced.
ADFITECH is an approved third-party review firm that provides quality control, due diligence, fulfillment, document-management and other outsourced services to the industry. Established in 1983, the company was one of the very first mortgage quality control companies in the industry and serves lenders, Wall Street firms, banks and mortgage operators, according to a company statement.
For its part, Mortgage Connect provides mortgage origination, servicing and other capital markets products. With ADFITECH as a held company now, Mortgage Connect says it is well equipped to be a linear provider of credit, compliance and servicing review services specifically to secondary market participants.
“This acquisition significantly scales up our capital markets offerings and delivers essential risk management, servicing, and capital markets securitization services, all under one roof,” according to a statement from Jeff Coury, CEO of Mortgage Connect.
Mortgage Connect expects the entire ADFITECH executive team to remain with the company, including Tom Apel, the founder and CEO, and Dru Jacobs, the president.
