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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 24 November 2024 I N D U S T R Y U P D A T E of Consolidated Analytics and ICS un- derscores a shared commitment to client success and being the leader in quality investor claims offerings. "Joining Consolidated Analytics just makes sense. It allows us to expand on what we started and continue to build with an incredible company, provid- ing broader services to our clients," said Kimberly Williams, former CEO of ICS and now SVP of CA Claims Solution. "Our clients will benefit from the increased resources, technological advancements, and industry expertise that CA brings to the table." SITUSAMC SELLS MAJORITY OWNERSHIP OF INSURANCE ENTITY TO VINELIGHT VENTURES S itusAMC, a provider of services and technology to the commer- cial and residential real estate finance industry, has sold majority ownership of its loan insurance entity, Securent Risk Retention Group Inc. and its related data, brokerage and services business, Risk and Insurance Services LLC, to VineLight Ventures LLC. The transaction injects Securent with additional equity capital and helps position the company to grow and meet the rising demand for its products and services, especially in the RMBS market. Justin Vedder will remain President of Securent, and will continue to lead the day-to-day operations and strategic vision under the new ownership. VineLight's Principals, Bryan Binder and Jason Garmise, have extensive expe- rience in the industry having previously founded and sold CastleLine, a provider of mortgage data and insurance prod- ucts. Binder and Garmise also have a long-standing relationship with Vedder, since their time together at CastleLine. Additionally, SitusAMC will maintain a minority stake in the company with a seat on the holding company's Board. Founded in 2021, Securent provides comprehensive risk management, data analytics and insurance programs, protecting mortgage participants including lenders, investors, RMBS issuers, and warehouse lenders against liabilities and losses associated due to errors, omissions, or fraud introduced in the manufacturing process. Securent's insurance policies cover a range of loan structures including securitizations, Fannie Mae and Freddie Mac loans, MSRs, and M&As, and cover a range of defects, including underwriting defects, compliance violations, fraud and mis- representation, and appraisal errors. Through Securent's loan insur- ance programs, clients are effectively able to mitigate repurchase risk and losses; expedite transaction timelines and reduce funding costs; scale their business through channel and product expansion; and increase profitability and reduce enterprise uncertainty. "Repurchase demands continue to be a material impediment and concern for mortgage company leaders, and fraud related risk will continue to be a challenge throughout the mortgage manufacturing process, especially in RMBS structures," said Justin Vedder, President, Securent. "The combination of Securent's proven offering, VineLight's expertise in building businesses, and the additional capital in- fusion will allow us to grow and continue provide industry leading solutions to the market." FAIRWAY ESTABLISHES $1M HURRICANE RELIEF FUND F airway Independent Mortgage Corporation has put together a $1 million relief fund following the devastation caused by Hurricane Helene. Fairway CEO and Founder Steve Jacobson announced the formation of the fund: "Having experienced multiple hurricanes over the course of a 28-year career in mortgages, we know how these storms can disrupt lives. Our industry has a responsibility to help when need- ed, and right now, the help is needed." Jacobson also challenged other lend- ers and brokers to match Fairway's efforts. "Repurchase demands continue to be a material impediment and concern for mortgage company leaders, and fraud related risk will continue to be a challenge throughout the mortgage manufacturing process, especially in RMBS structures." —Justin Vedder, President, Securent