SitusAMC enters wholesale tech channel with ReadyPrice acquisition
Real estate services and technology firm SitusAMC has acquired mortgage tech software developer ReadyPrice – bumping the New York-based firm’s acquisition tally to three in just under a year.
Though terms of the deal were not disclosed, in a release on Monday, SitusAMC said it plans to retain the management team of ReadyPrice, with ReadyPrice CEO Rick Soukoulis continuing to run day-to-day operations.
Launched in 2020, ReadyPrice’s platform centers on the LOs and wholesale lenders in the primary market, providing access to pricing management, automated underwriting systems and approved loan delivery. SitusAMC, on the other hand, has been competing with big names like Black Knight Financial Services to dominate the secondary market.
While SitusAMC also dabbles in commercial real estate, of the 5,000 people that make up SitusAMC, 4,000 of them are focused on the residential side.
Both Soukoulis and SitusAMC CEO Michael Franco said the acquisition will open the door between the two markets and increase spread across the industry.
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“We haven’t done a lot on the primary market side and we view ReadyPrice as a way to access that market. Earlier this year we procured our SAFE Act licenses and that will be a part of what we think we can bring to bear within ReadyPrice,” Franco said.
SitusAMC has embarked on quite the buying spree in the last year, acquiring real estate tech provider rSquared in November, the parent company of compliance technology provider ComplianceEase in September, and the third-party loan servicing platform Cohen Financial in August.
They’re operating in a high-growth market with serious competitors. Market rival Intercontinental Exchange scooped up Ellie Mae in an $11 million deal in September, while Wolters Kluwer GRC took in eOriginal in December and mortgage compliance software provider Questsoft was snapped up in Jan. 2021 by Ncontracts to name a few.
As for the industry’s latest acquisition under SitusAMC, Soukoulis said the company is thrilled to share a similar vision in residential mortgage evolutions.
“The combination of ReadyPrice with SitusAMC’s technology will yield an unmatched platform for the mortgage broker and wholesale lending community,” Soukoulis said.
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