COVINA, Calif.--(BUSINESS WIRE)--LERETA, LLC (“LERETA”), a Real Estate Tax Service and Flood Zone Determination provider to the mortgage origination and servicing industry, announced that on May 1, 2013 it acquired Watercrest Flood Verification, Inc. (“Watercrest”), a provider of flood zone determination and life-of-loan monitoring services for mortgage lenders and servicers primarily in the Midwest and Eastern regions of the United States.
“LERETA is an industry leader and we are confident that LERETA will fully support Watercrest customers with a wide range of high-quality flood determination and life-of-loan monitoring services,” said prior Watercrest owner Tom Brooks. “During this transition, we are committed to working closely with LERETA and our customers to ensure a smooth, seamless conversion to LERETA’s systems.”
For years LERETA has built a solid reputation in the mortgage industry based on extraordinary service that differentiates them from other tax and flood service providers. LERETA President Jim Thornton stated, “This is an exciting time for LERETA as we continue to invest in the growth of our business and add to our distinguished and formidable customer group. We welcome Watercrest customers to the LERETA family and are anxious to demonstrate our ability to provide them with the excellent customer service and support they’ve enjoyed with Watercrest.”
In a statement from LERETA CEO Doug Foley, he announced, “LERETA has been consistently healthy and strong throughout this difficult economy, and we are excited to be able to make a positive difference in the businesses of our customers.” Saint Laurent Capital acted as financial advisor to LERETA.
ABOUT LERETA, LLC: Founded in 1986, LERETA has been a major force in the tax and flood services industries since its inception. LERETA continuously pursues the development of new technologies and services that reduce their customers’ costs and improve their image with borrowers, investors and regulators. LERETA provides real time flood zone determination reports, certifications and life-of-loan services to lenders and insurance providers nationwide. LERETA also provides a full suite of real estate tax services for residential and commercial loans, including automated online research and certification, tax payment processing, a suite of delinquent tax services, and customized tax outsourcing service programs. For more information, visit www.lereta.com.
