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SitusAMC Holdings Corp. acquired Street Resource Group, Inc. and its Warehouse Loan System. With the acquisition, SitusAMC expanded its warehouse lending technology offering, pairing the WLS with its ProMerit system.
The combined offerings will support more than 60 clients representing approximately $3 trillion in loan financing during 2020, according to a press release. SitusAMC will retain the SRG team, and SRG founder and CEO Stanley Street will serve as vice-chairman, SitusAMC Technologies.
WLS is a trusted system that increases operational and customer service efficiency, improves compliance, and helps institutions implement best practices across their warehouse lending operations.
"As independent mortgage bankers become a more prominent part of the mortgage origination market, having a trusted warehouse lending partner is critically important," said SitusAMC CEO Michael Franco. "This acquisition enhances our focus on providing solutions that ensure the availability of credit to the broader mortgage market and will allow us to further our existing efforts to bring greater efficiency into the primary origination market."
"SitusAMC is dedicated to providing warehouse lenders with technologies designed to support both traditional operations and the future paradigm of digital automation in the mortgage industry," said Street.