Tech Company Raises $60M to Enter Mortgage Industry

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Appraisal management company Solidifi has acquired national loan settlement services provider Southwest Financial Services.

Solidifi used its existing cash resources to settle the transaction. Its Toronto-based parent company, Real Matters, also raised $60 million in financing that it said would help advance this acquisition as well as others it seeks to help further the reach of its software-as-a-service throughout the North American mortgage industry.

“Southwest Financial Services allows us to add new mortgage lenders that can take advantage of our next generation appraisal services, and to offer and enhance Southwest Financial Services solutions for our customers,” said Real Matters president and chief executive Jason Smith. “It’s an exciting time for Real Matters as we continue to drive innovation in the lending industry.”

Real Matters declined to disclose any further details of the acquisition.

Solidifi is a privately held company headquartered in Buffalo, N.Y., that provides residential real estate appraisals to lenders across the U.S.

Southwest Financial is based in Cincinnati and is one of the largest providers of outsourced title, valuation and flood determination services for home equity lenders nationwide.

Article source: http://www.nationalmortgagenews.com/news/technology/tech-company-raises-60m-to-enter-mortgage-industry-1050218-1.html

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