DENVER, July 29, 2019 /PRNewswire/ -- Covius Holdings, a
leading provider of technology-enabled solutions to the financial
services industry, announced today that it has completed its
previously announced purchase of various businesses from Chronos
Solutions (Chronos), including its credit, flood, income and tax
verification services, REO management and disposition, online
foreclosure auction and homeowners association (HOA) tracking
units. Concurrently, Covius and New Residential Investment Corp.
("New Residential") completed New Residential's strategic
investment in Covius that was announced on May 1, 2019.
With its expanded solutions set, Covius also announced that it
will now go to market through two new divisions: Covius Origination
Solutions and Covius Servicing and Capital Markets Solutions.
Covius Origination Solutions will include:
- FundingSuite® credit reporting and modeling
- TaxDoor® and VODAchek™ borrower
verification services
- Flood and HOA determinations
- Lien preparation and tracking
- Valuations and appraisal workflow
- Origination document, title and title curative services
Covius Servicing and Capital Markets Solutions will
include:
- Document management
- Loan modification and loss mitigation
- REO management
- RealtyBid® auction services
- Asset management
- Loss mitigation title and curative services
- Compliance management
- Due diligence and business process automation services
Rob Clements, Chairman and Chief
Executive Officer of Covius Holdings, said: "The Chronos
acquisition significantly expands the critical services that Covius
can digitally deliver across the mortgage ecosystem and deepens our
product offerings. Like the reQuire acquisition last year, this
acquisition reflects the strategic plan that we have been executing
for the past 18 months. Other key elements in that plan include
attracting new capital through our agreement with New Residential
and the divestiture of our private-label fulfillment business."
John Surface, President and Chief
Operating Officer of Covius Holdings, added: "The combined company
is designed to effectively serve our 5,500 clients and meet the
changing needs of the origination, servicing, asset management and
capital market sectors. We are organizing our management team to
align with our new client-oriented, go-to-market positioning and
accelerate our enterprise-wide digital investments and
partnerships."
About Covius
Covius is a trusted provider of services,
insight and technology to leading financial companies. Covius'
technology-enabled solutions deliver operational efficiencies,
mitigate risk and enable compliant decisions and borrower
engagement, from origination through servicing to capital markets.
The company was recently named one of HousingWire's 2019 Tech100
winners. Covius Holdings is majority-owned by Aquiline Capital
Partners, a New York and
London-based private equity firm
investing in financial services and technology. In 2019, New
Residential Investment Corp., (NYSE: NRZ), a publicly traded REIT
that focuses on opportunistically investing in, and actively
managing, investments principally related to residential real
estate, made a strategic investment in Covius. For more information
about the company and its services, visit www.covius.com.
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SOURCE Covius Holdings