StoicLane has made its first acquisition in the mortgage services business, purchasing the majority interest in appraisal management company Lender's Valuation Services.
Terms of the transaction were not disclosed. This deal follows StoicLane's participation in
"We're thrilled to work closely with LVS' exceptional leadership team, including Tiffany Wojcik and Matt Wojcik, as we support their objective to grow into one of the largest appraisal management companies in the U.S.," Al Goldstein, co-founder, CEO and chairman of StoicLane, said in a press release. "We see a significant growth opportunity and look forward to working with LVS as they continue to innovate within the appraisal industry."
StoicLane announced its launch on Sept. 28, with plans to make investments in finance, insurance and real estate — what it termed FIRE — businesses. The company is creating a mortgage services platform, which seeks to serve originators with tech-enabled, customer-centric loan closing solutions.
"This is an exciting chapter for LVS, and we look forward to entering this next stage of our growth with StoicLane as our partner," said Tiffany Wojcik, the AMC's president and CEO. "StoicLane's confidence in and support of our business is an indication of the exciting innovation and elevated customer experience to come."
Acting Federal Housing Finance Agency Director Sandra Thompson announced at the recent Mortgage Bankers Association annual convention that Fannie Mae’s and Freddie Mac’s temporary authority to purchase loans that used desktop appraisals instead of an in-person valuation
Berkery, Noyes & Co. served as the financial advisor for LVS. Sidereal Capital Group served as an advisor to StoicLane for this transaction.
