Service 1st will function as NCS’ credit reporting affiliate and assume NCS’ retail distribution channel. Service 1st’s newly acquired retail channel will serve end-user clients, such as banks, credit unions, Mortgage Brokers and Mortgage Bankers. NCS will retain its wholesale distribution channel for resellers and focus on creating new marketplace solutions for both entities.
“Originators are desperate for new solutions that replace old ones,” said Curtis Knuth, President/CEO of National Credit-reporting System and now CEO of Service 1st. “They don’t want to bolt on two products to the existing two they’re using for qualification of the borrower. Inefficiencies like these are significant contributors to why the industry is failing to realize cost reductions from new technology, such as POS platforms and borrower qualification tools. The relationship between NCS and Service 1st creates a highway to introduce new solutions to the marketplace economically.”
Service 1st will leverage NCS’ strength in verification solutions and quickly introduce packaged solutions for home equity lending in the coming months. The company is expecting focus from credit unions and banking institutions on home equity to increase this year.
“Theresa Dunham and the team at Service 1st have a terrific relationship with their clients,” said Robert Knuth, Chairman of NCS. “We didn’t want to disrupt those relationships they’ve nurtured for many years. We’re excited that they’re excited at the direction we’re pointing Service 1st.”