SitusAMC has announced a transaction in which it will share ownership of a division
The large industry vendor has sold a majority stake in its Securent Risk Retention Group to VineLight Ventures.
The move reunites Securent's president, Justin Vedder, with Bryan Binder and Jason Garmise. All three previously worked at
"We are focused on improving our customers' efficiency and profitability and look forward to introducing Securent's newest solutions that we believe will help transform the securitization market," Binder said in a press release. "We are also thrilled to be back in business with Justin Vedder."
The transaction will support SitusAMC's growth in its other business lines, particularly those supporting residential mortgage-backed securities, while preserving access to Securent's risk management. SitusAMC will retain a minority stake and have a seat on the board of directors for Securent's holding company.
"We look forward to continuing to work with Securent," Michael Franco, CEO of SitusAMC, said in the press release.
Terms of the deal were not disclosed.
Securent provides analytics in addition to insurance and other types of
"Repurchase demands continue to be a material impediment and concern for mortgage company leaders, and fraud related-risk will continue to be a challenge throughout the mortgage manufacturing process, especially in RMBS structures," Vedder said in the press release. "The combination of Securent's proven offering, VineLight's expertise in building businesses, and the additional capital infusion will allow us to grow."
