The deal combines the best of breed Enterprise Loan Quality and Performance Analytics Platform with the most advanced AMC technology in the mortgage business
LoanLogics, a recognized technology leader in loan quality management and performance analytics, has acquired certain assets of RexHub Corp., a premier provider of SaaS solutions designed for real estate appraisal management. RexHub is recognized for its sophisticated, configurable technology platform that's designed to deliver a competitive advantage to appraisal management companies (AMCs) and lenders. Terms of the transaction were not disclosed.
"The transaction combines our best-of-breed enterprise-wide platform with the industry-leading, most advanced appraisal management technology in the mortgage business, that ensures improved efficiencies, improved accuracy and reduced costs for lenders," said Brian K. Fitzpatrick, CEO and President of LoanLogics. "We can now provide lenders and AMCs the software they require to manage appraisals more effectively and in compliance with CFPB and state regulations.
"I work with both LoanLogics, as a client of ours, and RexHub, as our technology provider. The combination of the appraisal audit review capabilities of LoanLogics and the automation, correspondence analytics and reporting features of RexHub will provide higher value to AMCs-accurate valuations, as well as sophisticated technology that makes communication easy and our order flow transparent," said Daniel Maier, Vice President of Operations at Olde City Lending Solutions. "The valuations of collateral go through a strenuous vetting process, helping to ensure accurate, compliant results in which we have complete confidence and that provide a competitive advantage."
"RexHub's appraisal management application was developed on the latest SaaS technologies, unlike some of the legacy systems available from other providers. We have automated tasks such as reporting, accounting, communication and pipeline management. That's key to ensure that banks understand the value of collateral, their risk exposure, and are compliant with all regulations," said Joe Sueper, founder of RexHub and now Infrastructure Architect at LoanLogics.
From a regulatory standpoint, the RexHub application offers significant advantages compared to competing platforms. For instance, appraisers are notified when their state licenses expire in 60 days, and then again 30 days before the expiration date. If an appraiser does not renew a license, the appraiser cannot receive orders until the registration is current. That's critical because a lender unknowingly using an appraiser that is not licensed may be exposed to buy-backs or other severe regulatory penalties. This, along with other extensive data validations prior to an order being created, helps increase confidence and quality control.
LoanLogics was founded ten years ago to improve the transparency and accuracy of the mortgage process, improve the quality of loans and reduce risk to industry participants. LoanLogics serves the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance and reliability throughout the loan lifecycle. It develops advanced solutions that help clients validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. Achieving these goals was the motivation in the development of our Enterprise Loan Quality and Performance Analytics Platform. To learn