New-York based fintech and mortgage company The Money Source Inc. (TMS) announced that it had sold its originations business to Atlanta-based AmeriSave Mortgage Corporation. According to the agreement, AmeriSave will assume TMS' offices in Plano, Texas and Chandler, Arizona. TMS said that AmeriSave would also welcome TMS employees associated with this business into its fold.
“This is a perfect fit. AmeriSave brings years of delivering a truly exceptional, tech-forward experience to homeowners during originations as we do at TMS in servicing customers for the life of the loan,” said Darius Mirshahzadeh, CEO of TMS. “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.”
For AmeriSave, the acquisition marks the company’s efforts to scale its loan originations business with the company expected to generate an originations volume of $1.5 billion in 2019 through this business.
“We are excited to welcome the TMS originations team and business to AmeriSave,” said President Mike Berte. “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.”
TMS said that the acquisition was a strategic move for the company as it moved its focus to servicing through its customer service platform Servicing Intelligence Made Easy (SIME), and take a vertical approach to its core businesses. “We are widely recognized as having the most advanced subservicing technology platform in the business,” said Mirshahzadeh. “Transitioning originations to a pro like AmeriSave makes perfect business sense. Now, we can champion our clients’ success and deliver what the industry so desperately needs–a world-class customer servicing platform and stellar loan performance–that we at TMS are so uniquely positioned to deliver.”
For the last 1o years, AmeriSave 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. Recently, the company has embarked on significant expansion plans that include attracting top talent and considering other acquisitions.