Tuesday, December 15, 2015
FRISCO, Texas--(BUSINESS WIRE)--Chronos Solutions, a national real estate finance services provider, has agreed to acquire Cogent Road, a San Diego-based mortgage technology company. The acquisition will allow Chronos to expand its suite of products and services supporting mortgage lenders as well as add a deep bench of mortgage technology talent.
Cogent Road develops three core products for the mortgage origination market. The first, Funding Suite, (http://www.cogentroad.com/funding-suite) is a premier credit and data purchasing platform designed for mortgage lenders. Funding Suite not only provides credit information but does so in a format that allows lenders to analyze ways to improve a borrower’s credit real time as well as tracks spend at the loan level. Tax Door (www.taxdoor.com) is a fully automated tax transcript solution that allows users to order verified income data via Internal Revenue Service tax transcripts without requiring signed 4506Ts. Tax Door has a 100% success rate, where the industry is used to one in the 15% range. The third, Roohmz, is one of the leading loan origination systems in the industry.
According to Chronos Solutions CEO, Matt Martin, the acquisition adds over 300 customers to the Chronos family and further supplements its broad existing suite of origination services. “Cogent Road offers an incredible array of superior origination technology,” he said. “The combination of these products with Chronos’ already-formidable suite of origination solutions empowers us to deliver end-to-end service to originators of any size.”
Cogent Road CEO, William DiPaolo, agrees. “Cogent Road prides itself on delivering flexible, robust technology designed to move the origination industry forward,” he said. “In collaboration with Chronos’ wide variety of services and resources, we can deliver at elite levels virtually any service a mortgage lender might require.
Martin further stated that Chronos intends to grow the Cogent Road acquisition into a mortgage and real estate technology lab, based in San Diego. “We expect to announce multiple new products and services in the coming year with the help of Cogent Road’s talented team.”
This transaction marks the second acquisition for Chronos Solutions this year. In January, the firm acquired Realtybid.com, a leading online real estate auction marketplace. Martin notes that, since the acquisition, Realtybid has grown by 800% as a part of the Chronos Solutions family. “We expect to achieve similar levels of growth and success with Cogent Road as well,” he said.
Financial terms of the transaction were not disclosed. Holland & Knight LLP served as legal counsel to Chronos Solutions, while Stinson Leonard Street LLP served as legal counsel to Cogent Road. Berkery Noyes served as exclusive strategic and financial advisor to Cogent Road. For more information, go to chronossolutions.com or cogentroad.com.
About Chronos Solutions
Frisco, Texas-based Chronos Solutions is a national technology enabled real estate finance services provider delivering elite mortgage and real estate services across the industry. Chronos offers customized transactional and business process management services to private sector and government clients, and its clients include federal agencies, top – five national lenders, leading mortgage servicers, real estate investment firms and more. The firm is a proven leader in settlement services including title, closing and appraisal, advisory and consulting, accelerated marketing, HOA Solutions, acquisition services and asset disposition. Chronos Solutions prides itself on offering the deepest resources and widest networks to provide optimal capacity for even the largest clients; while providing service levels similar to that of a boutique firm. Clients assert that the company’s creativity and flexibility make them stand out among national real estate service companies.
Chronos Solutions manages a wide network of vendors and service providers. The company also has strategic hubs located in Virginia, Texas, California, Alabama and Pennsylvania. The firm is led by a seasoned and diverse management team, each possessing extensive experience with leading financial institutions and real estate management firms.