The deal combines two service providers in the residential secondary mortgage market
American Mortgage Consultants has announced that it has acquired Meridian Asset Services.
The transaction will unite Meridian’s collateral, curative, and title QC capabilities with American Mortgage’s third-party review services and technology to support rated private-label securitization transactions, due diligence, and quality control.
Meridian will operate as a subsidiary of American Mortgage and retain its branding and senior management team. Karen Riffe joins American Mortgage as president of Meridian Asset Services, continuing to oversee the business.
“AMC’s commitment to the secondary market space and focus on continued investment in Meridian’s capabilities and offerings will create unique and differentiated services,” Riffe said. “We are excited to join AMC and look forward to working with AMC’s existing management team.”
“This transaction further highlights AMC’s commitment to being the foremost one-stop shop for mortgage due diligence, consulting, advisory services, and technology,” American Mortgage CEO Michael Franco said. “We are excited to significantly enhance our service offerings through Meridian, a firm known for their quality and expertise. We expect this transaction to streamline operations for existing AMC and Meridian clients by centralizing activities, increasing transparency, and reducing cycle time.”
Additionally, American Mortgage announced that Brian Hansen will join the company as director of strategic relationships and initiatives. Through the acquisition, American Mortgage will add approximately 250 full-time employees in the greater Tampa, Fla., area.