Expansion pairs two leading warehouse lending technologies, WLS and SitusAMC’s ProMerit, providing greater value and efficiencies to warehouse lenders
NEW YORK, Feb. 23, 2021 /PRNewswire/ — SitusAMC Holdings Corp. (SitusAMC), a prominent provider of technology and services to the real estate finance industry, has acquired Street Resource Group, Inc. (SRG) and its widely utilized Warehouse Loan System (WLS). The acquisition expands SitusAMC’s warehouse lending technology offering, pairing WLS with SitusAMC’s existing ProMerit system (acquired via the MBMS, Inc. acquisition in 2019). The combined offerings will support more than 60 clients representing approximately $3 trillion in loan financing during 2020. SitusAMC will retain the SRG team, and SRG Founder and CEO Stanley Street will serve as Vice Chairman, SitusAMC Technologies.
Founded in 1986, SRG is the leading technology provider to the warehouse lending sector, supporting more than 1,500 independent mortgage originators and more than 14,000 users. WLS is an industry-trusted system that increases operational and customer service efficiency, improves compliance, and helps institutions implement best practices across their warehouse lending operations.
“As independent mortgage bankers become a more prominent part of the mortgage origination market, having a trusted warehouse lending partner is critically important,” said SitusAMC CEO Michael Franco. “This acquisition enhances our focus on providing solutions that ensure the availability of credit to the broader mortgage market and will allow us to further our existing efforts to bring greater efficiency into the primary origination market.”
Stanley Street added, “SitusAMC is dedicated to providing warehouse lenders with technologies designed to support both traditional operations and the future paradigm of digital automation in the mortgage industry. We look forward to joining SitusAMC as we continue to deliver superior outcomes to WLS clients and enhance the overall value we can provide to the warehouse lending market.”
Details of the transaction were not disclosed. Berkery Noyes served as the exclusive financial advisor to SRG.
SitusAMC is the leading independent provider of technology, strategic outsourcing, talent, and advisory solutions to the commercial and residential real estate finance industries. The company helps clients realize opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information, visit www.situsamc.com.
About Street Resource Group
Street Resource Group is the leading technology provider to the Mortgage Banker Finance (“Warehouse Lending”) space. The flagship Warehouse Loan System (“WLS”) technology is a trusted solution for lenders small-and-large and has been servicing the warehouse lending space for more than 25 years. For more information, visit http://www.streetresourcegroup.com/.