The Money Source has sold its originations business to AmeriSave Mortgage Corp.
The projected originations volume will be $1.5 billion in 2019. As part of the terms of the agreement, AmeriSave assume The Money Sources' new Plano, Texas, and Chandler, Ariz., offices. The Money Source will transition the originations business to AmeriSave in first quarter 2019.
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Darius Mirshahzadeh[/caption]
“This is a perfect fit. AmeriSave brings years of delivering a truly exceptional, tech-forward experience to homeowners during originations as we do atThe Money Source in servicing customers for the life of the loan,” said Darius Mirshahzadeh, CEO of The Money Source. “We feel good knowing that they will take great care of our customers and our people while we double down on being the world’s best servicer.”
The sale of its originations business is a strategic move forThe Money Source, enabling it to focus on its customer service platform--Servicing Intelligence Made Easy. The Money Source is a top-15 correspondent investor. For AmeriSave, the acquisition marks the company’s efforts to scale its loan originations business.
“We are excited to welcome theThe Money Source originations team and business to AmeriSave,” said Mike Berte, president. “While we had a strong 2018, this acquisition kickstarts 2019, allowing us to expand our market share, add talented mortgage professionals in two terrific markets, and help more people realize the dream of homeownership.”
According to AmeriSave, over the past 10 years, it has invested heavily in its propriety technology, creating a highly automated loan originations system that removes the friction that customers typically experience while obtaining a mortgage.
Many borrowers opt to “self-serve” all or most of their loan transactions with this intuitive software that drives speed and reduces the cost to produce a loan.
In turn, AmeriSave passes this savings along to thousands of customers each month. It plans to attract top talent and consider more acquisitions in a bid to grow its originations volume.
The shift away from originations providesThe Money Source subservicing and correspondent clients with additional partner programs and technology that will advance its service offering, maximize clients’ portfolio retention and amplify customer lifetime value.
Beyond SIME,The Money Source has patents pending for artificial intelligence, block chain as well as new versions of its one-of-a-kind servicing app scheduled for 2019. The company also plans to expand its client partner programs with custom apps, websites, as well as marketing and compliance consultative services.
