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Chronos Solutions has acquired UPF Services, a Spokane Valley, Wash.-based provider of process-driven services and technology solutions for the real estate and mortgage industries. The acquisition of UPF Services marks the fourth acquisition for Chronos Solutions since January 2015, when it acquired RealtyBid.com, a leading online real estate auction marketplace. In the first quarter of 2016, the company acquired both San Diego-based mortgage technology provider Cogent Road and Commerce Title and Closing Services.
The addition of 25-plus year mortgage industry service provider UPF Services complements and expands Chronos Solutions' existing suite of products and services and creates the industry's only single-source for complete origination solutions, providing every service detailed on a homeowner's closing statement.
Several UPF Services offerings—document preparation and recording, lien release, flood hazard compliance and tax monitoring services—complete Chronos Solutions' suite of loan origination solutions. Chronos Solutions customers will now be able to order these services on a standalone basis or in conjunction with Chronos Solutions' existing service offerings, including tax return verification services (through Taxdoor), credit reporting, analysis and verification services through Funding Suite, as well as appraisal and valuation services, HOA solutions and comprehensive Title and Closing services through Chronos Title Solutions.
"Offering integrated services provides our clients with a huge advantage, enabling them to enhance efficiencies, reduce operational expenses, minimize risk and improve the overall customer experience," said Chronos Solutions CEO Matt Martin. "Now that we are the only 'one-stop shop' in the country, we are uniquely able to offer these synergies to our clients."
With this acquisition, UPF CEO Mark Hikel will serve as Chrono Solutions' president of Outsourced and Origination Solutions.
"UPF is excited to join the Chronos Solutions family," said UPF Services CEO Mark Hikel. "It's an important step for us to be part of creating a single company that can manage the entire 'tracking' process for the mortgage industry, with flood, tax, insurance and HOA. To our knowledge, we are the only firm in the country with this broad capability."
Chronos Solutions EVP of Business Development and Marketing Matt Slonaker confirmed that the company will welcome 300 additional customers and add some extremely valuable capabilities as a result of the UPF Services acquisition.