LoanLogics announced that is has acquired assets of RexHub Corp., a provider of SaaS solutions for real estate appraisal management.
Terms of the deal were not disclosed, but RexHub founder Joe Sueper will remain with the company as an infrastructure architect at LoanLogics.
LoanLogics provides technology for loan quality management and performance analytics. RexHub has a configurable technology platform that helps appraisal management companies with task management.
“RexHub’s appraisal management application was developed on the latest SaaS technologies, unlike some of the legacy systems available from other providers,” Sueper said in a news release announcing the deal. “We have automated tasks such as reporting, accounting, communication and pipeline management. That’s key to ensure that banks understand the value of collateral, their risk exposure, and are compliant with all regulations.”
The RexHub application can notify appraisers when their state licenses expire in 60 days, and then again 30 days before the expiration date. If an appraiser does not renew a license, the appraiser cannot receive orders until the registration is current.
That time frame is critical, the companies said in the release, because a lender unknowingly using an appraiser that is not licensed may be exposed to buy-backs or other regulatory penalties. This, along with other extensive data validations prior to an order being created, helps increase confidence and quality control.
“The transaction combines our best-of-breed enterprise-wide platform with the industry-leading, most advanced appraisal management technology in the mortgage business, that ensures improved efficiencies, improved accuracy and reduced costs for lenders,” LoanLogics President and CEO Brian K. Fitzpatrick said. “We can now provide lenders and AMCs the software they require to manage appraisals more effectively and in compliance with CFPB (Consumer Financial Protection Bureau) and state regulations.”
Daniel Maier, the vice president of operations at Olde City Lending Solutions, works with both LoanLogics and RexHub and said their combination will help companies in the industry.
“The combination of the appraisal audit review capabilities of LoanLogics and the automation, correspondence analytics and reporting features of RexHub will provide higher value to AMCs,” he said in the release. “The valuations of collateral go through a strenuous vetting process, helping to ensure accurate, compliant results in which we have complete confidence and that provide a competitive advantage.”