The companies announced the transaction in May for an undisclosed sum, and Chronos’ key senior management and operating team members will be joining Covius as part of the transaction. With the acquisition completed, Covius will go to market through two new divisions: Covius Origination Solutions and Covius Servicing and Capital Markets Solutions.
“The Chronos acquisition significantly expands the critical services that Covius can digitally deliver across the mortgage ecosystem and deepens our product offerings,” said Rob Clements, chairman and CEO of Covius Holdings. “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.”