NEW YORK--(BUSINESS WIRE)--American Mortgage Consultants, Inc. (“AMC”), a leading solutions provider to participants in the residential and consumer loan mortgage market, announced today the formation of TechEssential, Inc. (“TechEssential”). This new subsidiary offers AMC clients and third-party service providers a suite of technology solutions that increase the efficiency of transacting in the secondary mortgage market.
“TechEssential represents AMC’s larger commitment to technology as the underpinning of our business,” said Michael Franco, AMC’s Chief Executive Officer. “We believe the future of the residential mortgage industry will be about technology-based transaction and diligence facilitation, and that an open architecture is essential toward providing connectivity throughout the secondary market and vendor community.”
Brian Perry, a mortgage technology veteran who recently joined AMC as Managing Director of Software Solutions, and Chris Consoli, AMC’s Chief Technology Officer, will oversee TechEssential’s go-to-market strategy, product development initiatives and strategic growth priorities. Prior to joining AMC, Mr. Perry was the lead product developer and architect at mortgage technology provider Optimal Blue. TechEssential is supported by AMC’s team of 75 financial technology professionals and plans to further scale its operations by hiring 50 people within the next year.
AMC has made significant investments in building out its portfolio of innovative technology solutions over the last several years. As a result, TechEssential launches with robust capabilities including document classification and data extraction from optical character recognition; long-term and short-term electronic document warehousing and management; loan and mortgage servicing rights (MSR) surveillance technologies; loan and MSR pricing models; and loan conduit management technologies.
“I’m excited to join the dynamic team that AMC has established at TechEssential to bring increased efficiency to the secondary market,” said Mr. Perry. “Although not historically known as a FinTech company, AMC has built some market-leading solutions that we believe will become foundational technologies for transacting in residential mortgage finance.”
Mr. Consoli added, “In contrast to many FinTech offerings, TechEssential’s technologies are built-to-scale and are battle-tested, having been utilized during testing by AMC on hundreds of thousands of loan files. Our ability to test technologies internally before client deployment and our sizeable commitment to our IT team are differentiators in the space.”
TechEssential’s products are offered on a standalone basis or as part of a consolidation solution called the Secondary Market Accepted Residential Trading (SMART) Platform, with deployment supported on a software-as-a-service or client server-installed basis. A number of secondary mortgage market participants including investment banks, real estate investment trusts, government-sponsored enterprises and mortgage conduits already license TechEssential’s solutions. AMC’s systems, including those under TechEssential, are currently utilized for trade facilitation by over 300 active clients across approximately 1,050 individual users. A description of TechEssential’s product offerings can be found below:
- Acuity: A document classification and data extraction technology, Acuity is differentiated by its leading proprietary web-based PDF viewer allowing for customized document stacking; on-demand document extraction of generic or custom PDF bundles; version control; enhanced permissioning capabilities to limit personally identifiable information (PII) on demand; and the ability to identify which documents were utilized by vendors in the performance of their services. Acuity supports the appending of trailing or supplemental loan file documentation on the fly, allowing for an up-to-date “live” file complete with additional documentation throughout the life of the loan.
- DocAcuity: An e-Vault-style document repository technology, DocAcuity supports the warehousing of electronic loan documents throughout the life of the loan. The platform contains the abilities to customize viewing profiles and warehouse documentation for the long- or short-term. It also includes trade facilitation functionality, allowing for the sharing of documentation with desired parties.
- The Rate Lock System (RLS): A conduit support technology, RLS allows for the management of transactions between buyers and sellers. Its capabilities include dynamic loan pricing through buyer-provided rate sheets; best efforts or mandatory locks between correspondents or sellers and aggregators; due diligence facilitation; and the creation of funding schedules. RLS supports a variety of asset types including conventional mortgages, jumbo mortgages, non-qualified mortgages, home equity lines of credit, reverse mortgages and home improvement loans.
- TELAPort: The TELAPort system is a multi-component technology that includes modules for servicing surveillance; servicer remittance reconciliation; servicing quality control testing, servicer benchmarking and contract adherence testing; loan pricing for non-performing loans, re-performing loans, and newly originated assets; MSR pricing; servicing outcome optimization; and servicing recapture identification and campaign tracking. Pricing capabilities can be utilized to fulfill requirements for third-party marks on portfolios and support full option-adjusted spread. All of these capabilities are warehoused within the same technology, allowing for the ability to immediately price assets when month-end data is finalized. The centralization of mortgage data allows for the measurement of performance on a loan-by-loan basis, tracking original pricing on a per-loan basis, actual cash received on such loans, and forecasted future cash flows, which can be aggregated up into trades, portfolios and strategies.
About American Mortgage Consultants, Inc.
AMC, founded in 1996, is a leading nationwide residential and consumer loan due diligence, quality control, securitization review, MSR review, advance assessment, servicing oversight, technology, and consulting services provider. AMC’s market-leading team of mortgage professionals provide customizable solutions to financial institutions nationwide. For more information, please go to www.amcfirst.com.