Due diligence firm American Mortgage Consultants has launched a new subsidiary in response to growing lender and servicer interest in digital transactions.
“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,” Michael Franco, chief executive officer of American Mortgage Consultants, said in a press release about the new subsidiary, TechEssential.
Chris Consoli, chief technology officer of American Mortgage Consultants, and Brian Perry, a former vice president at secondary mortgage market technology provider Optimal Blue, are overseeing the due diligence company’s new secondary-market technology unit.
“Our ability to test technologies internally before client deployment and our sizeable commitment to our IT team are differentiators,” Consoli said in the press release.
TechEssential’s digital mortgage products include home loan and mortgage servicing rights pricing models, surveillance technology for loans and MSRs, and tools that can be used to extract data from documents and electronically store them. TechEssential also will provide automation that can be used to manage loan conduits.
The company offers these technologies on either a standalone basis or as part of a platform that consolidates the different types of automation. The technology also is offered on either a software-as-a-service or a client-server basis.
American Mortgage Consultants’ launch of TechEssential follows closely on the heels of its acquisition of the right to hire 50 employees from The Barrent Group in response to increased private-label residential mortgage securitization.