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Industry Updates
MORTGAGE
CONNECT
FINALIZES
ACQUISITION OF
ADFITECH
National mortgage service provider
Mortgage Connect LP has finalized the
acquisition of Edmond, Oklahoma-based
servicer ADFITECH Inc.
e all-cash merger transaction is
valued at approximately $29 million, and
was approved by 63.16% of ADFITECH's
stockholders by written consent on March
9, 2022. Under terms of the deal, holders of
ADFITECH's common stock will receive
$3.717451 per share in cash with the
aggregate amount rounded to the nearest
whole cent.
"We are pleased to join forces with
Mortgage Connect, an organization with a
solid reputation for customer service within
the mortgage services industry," said Tom
Apel, CEO of ADFITECH. "We appreciate
the support of our valued customers, and
the talented ADFITECH employees and
management as we continue to work together
to provide the highest quality outsourced
mortgage quality control, due diligence, and
mortgage fulfillment services in the future."
In existence for more than 40 years,
ADFITECH is a provider of quality control,
due diligence, fulfillment, and document
management services to the mortgage
industry. Mortgage Connect provides
mortgage origination, servicing, and capital
market solutions, serving nine of the nation's
top 10 lenders, and 17 of the top 20 servicers,
in addition to institutional investors. e
partnership will provide significant benefits
to customers by offering life-of-loan services,
enhanced service levels, and tech solutions
allowing for digitalization of virtually every
touch point.
Jeff Coury, CEO of Mortgage Connect
and Ernst & Young (EY ) Entrepreneur of the
Year 2021 East Central Region Award winner,
said, "After a significant amount of time spent
looking for the perfect partner, the best choice
was ADFITECH, a company with a history
of strong leadership and one that shares the
same standards of innovation and of creating
the best possible customer experience. e
purchase was not only a natural cultural fit,
but also delivers a breadth of products and
services that is unmatched in the industry."
