Mortgage Contracting Services has bought CoreLogic's real estate owned and property businesses.
By acquiring CoreLogic's collateral solutions and field services business units, MCS will expand its mortgage services to include valuation products in both the default and loan origination sectors in addition to its standard property preservation products.
MCS will pay $25 million at closing for these two business units. The company will also pay up to an additional $20 million based on certain performance thresholds the units achieve following the closing of the transaction, which was undisclosed.
CoreLogic's collateral solutions unit is based in Sandy, Utah. Reaves said there are no plans to relocate this business or change its management team. Meanwhile, the field service unit is based in Westlake, Texas, and will be combined with MCS' operation in Plano, Texas.
"This acquisition will expand our presence across multiple service lines within default servicing," Caroline Reaves, chief executive officer of Mortgage Contracting Services, said in a news release. "This will allow us to service our clients with an expanded product range and ensure their compliance with federal, state and local regulations at every step."
