The financial terms of the transaction were not disclosed. MBMS’ product line–including emBTRUST, ProMerit, and its EVault software offerings–are used in tracking residential mortgage loan collateral and funding mortgage loan warehouses. The Buffalo, N.Y.-based MBMS will retain its branding and senior management team and be joined into AMC’s TechEssential subsidiary.
“This transaction is a watershed moment,” said AMC Chief Executive Officer Michael Franco. “By integrating MBMS’ leading systems, which provide mission-critical support for today’s residential mortgage workflows, with AMC’s optical character recognition and document management technologies, we will be able to deploy an unparalleled level of automation that will increase transparency, reduce transaction cycle time, and lower costs for our clients. The combination of MBMS’ leading technology and AMC’s operational capabilities will also allow us to provide outsourced platform solutions to custodians and warehouse lenders, embed review processes directly into the technologies themselves, and implement unique and new solutions for market participants leveraging the expertise brought to us through our Meridian and String acquisitions earlier this year.”