SISCO Holdings LLC, a Delaware company wholly-owned by Stewart Information Services Corporation, has announced its intent to acquire the mortgage services of Mortgage Contracting Services (MCS), a property preservation services provider. As part of the agreement, Stewart will acquire all the operations and technology supporting mortgage servicers and lenders in their property preservation efforts.
“We are pleased to announce our intent to acquire MCS and look forward to being able to offer property preservation, which supports default servicing, as a new service for our lender and servicer customers,” said Fred Eppinger, Stewart’s CEO. “This acquisition confirms our dedication to bettering our lender services and allows us to introduce our products and services to a broader audience of customers. MCS is a well-respected leader in the industry, and our shared vision of excellence makes MCS a perfect addition to our Real Estate Solutions business.”
Stewart closed the deal for $330 million, and it will be funded with available company resources. The company expects that the transaction will be immediately accretive. The newly acquired division of MCS will continue operating as a standalone company.
“MCS has built a reputation over nearly four decades as an award-winning property services provider, trusted by industry leaders across all markets,” said Chad Mosley, president of mortgage services for MCS. “Our commitment to providing our customers with the highest level of service backed by leading technology-driven solutions has enabled us to protect and preserve communities nationwide. By joining Stewart, we are aligning with a company that is one of the oldest and most respected in the industry and together, we are poised to elevate the mortgage service standards and deliver meaningful impact across the property services industry.”
The transaction is expected to close before the end of year, and is subject to customary closing conditions and the expiration or termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.
“Stewart Lender Services has thoughtfully built a portfolio of services, solutions, and technologies these last few years to support lenders and servicers with lead generation, valuation, origination, and underwriting to closing services,” said Beth Fowler, president of Stewart Lender Services. “I’m thrilled to welcome the MCS team, and am excited that with MCS, we are adding another complementary and core capability that’s critical to the mortgage ecosystem. We look forward to supporting MCS’s momentum, innovation, and collaboration with current and future customers.”
