SitusAMC Expands Technology Portfolio into Mortgage Broker Market with Acquisition of ReadyPrice®
With ReadyPrice acquisition, SitusAMC adds loan pricing, underwriting, and delivery software to its growing technology offering
January 11, 2021 – New York, NY – SitusAMC Holdings Corp. (“SitusAMC”), a prominent provider of technology and services to the real estate finance industry and licensed fulfillment partner, has acquired ReadyPrice and its innovative mortgage technology that seamlessly connects mortgage loan originators (MLOs) and lenders to facilitate more efficient loan originations. The ReadyPrice management team will be retained by SitusAMC.
Launched in 2020, ReadyPrice’s mortgage technology enables MLOs to manage and choose pricing, run automated underwriting, and deliver approved loans to lenders at no cost to the MLO. For lenders, ReadyPrice provides an efficient way to scale their businesses, ensuring wholesale lending rates are included in every pricing engine search while providing brokers with the easiest path to directly transfer DU approved loans. ReadyPrice technologies support FNMA, FRE, FHA, VA, USDA, VA, and non-agency (non-QM, jumbo, etc.) loan originations.
The acquisition of ReadyPrice continues SitusAMC’s expansion of its residential loan origination support offering following the acquisition of ComplianceEase in September 2020 and the launch of the firm’s loan fulfillment offering in late 2020.
“ReadyPrice represents the beginning of our investments to bring market leading technologies to the brokerage community,” stated SitusAMC CEO Michael Franco. “Our goal is to form the bridge from new origination markets directly to the secondary market by combining our technology offerings, our connectivity throughout secondary markets, and our ability to provide processing, underwriting, and due diligence services.”
Rick Soukoulis, the founder of ReadyPrice, who will continue to lead day-to-day operations, added, “We’re thrilled to join SitusAMC and contribute to our shared vision of transforming the residential mortgage market. The combination of ReadyPrice with SitusAMC’s technology will yield an unmatched platform for the mortgage broker and wholesale lending community.”
ReadyPrice joins SitusAMC’s rapidly growing residential technology offerings, which include automated underwriting technologies for income and asset calculation; a granular guideline engine supporting agency and non-agency originations (BRES – Credit); automated compliance software (ComplianceEase); loan conduit management software (The Rate Lock System); document classification, data extraction, and document management technology (Acuity and DocAcuity); systems of record for the custodial and warehouse space (emBTRUST and ProMerit); and loan accounting technologies (SBO.NET).
Terms of the transaction were not disclosed.
SitusAMC is the leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industry. The company helps clients realize opportunities in their real estate businesses through innovative technologies and industry-leading services 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.
ReadyPrice is a leading mortgage technology connecting mortgage loan originators and lenders to support more efficient loan originations. The Product, Pricing, & Eligibility technology is free to use for individual mortgage brokers. For more information, visit www.readyprice.com.