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Jul 28 2016, Chronos Solutions Acquires UPF Services to Create the Industry’s Only True “One-Stop Shop” for Mortgage Origination Services
Strategic acquisition supports Chronos Solutions’ growth initiative and broadens the company’s already expansive offerings to include flood, tax and lien release services
Coppell, TX | July 28, 2016 – Chronos Solutions, a national real estate financial services provider based in Coppell, Texas, has acquired UPF Services, a Spokane Valley, Washington-based provider of process-driven services and technology solutions for the real estate and mortgage industries. The acquisition of UPF Services marks the fourth acquisition for Chronos Solutions since January 2015, when it acquired RealtyBid.com, a leading online real estate auction marketplace. In the first quarter of 2016, the company acquired both San Diego-based mortgage technology provider Cogent Road and Commerce Title and Closing Services.
The addition of 25+ year mortgage industry service provider UPF Services complements and expands Chronos Solutions' existing suite of products and services and creates the industry’s only single-source for complete origination solutions, providing every service detailed on a homeowner's closing statement.
Several UPF Services offerings – document preparation and recording, lien release, flood hazard compliance and tax monitoring services – complete Chronos Solutions' suite of loan origination solutions. Chronos Solutions customers will now be able to order these services on a standalone basis or in conjunction with Chronos Solutions' existing service offerings, including tax return verification services (through Taxdoor™), credit reporting, analysis and verification services through Funding Suite™, as well as appraisal and valuation services, HOA solutions and comprehensive Title and Closing services through Chronos Title Solutions.
"Offering integrated services provides our clients with a huge advantage, enabling them to enhance efficiencies, reduce operational expenses, minimize risk and improve the overall customer experience," said Chronos Solutions CEO Matt Martin. "Now that we are the only 'one-stop shop' in the country, we are uniquely able to offer these synergies to our clients."
With this acquisition, UPF CEO Mark Hikel will serve as Chrono Solutions’ President of Outsourced and Origination Solutions
“UPF is excited to join the Chronos Solutions family," noted UPF Services CEO Mark Hikel, "It's an important step for us to be part of creating a single company that can manage the entire 'tracking’ process for the mortgage industry, with flood, tax, insurance and HOA. To our knowledge, we are the only firm in the country with this broad capability."
Chronos Solutions EVP of Business Development and Marketing Matt Slonaker confirmed that the company will welcome 300 additional customers and add some extremely valuable capabilities as a result of the UPF Services acquisition.
“UPF is a proven leader in tax tracking, lien release, flood compliance services and valuation technology," Slonaker said. "With the ability to bundle products and services across the mortgage lifecycle, we can provide the most cost competitive and service focused offering in the industry.”
"Chronos is a hyper-growth company with an entrepreneurial backbone," added Hikel. "Bringing the two companies together will allow us to leverage Chronos’ immense sales and marketing, technology, and infrastructure to significantly accelerate our business growth. There couldn’t be a better partner and I look forward to actively participating in the growth of the combined firm."
"We look forward to continuing to develop and introduce new technology and tools that enhance efficiencies in the mortgage industry and provide massive value to our clients’ businesses,” Martin said.
About Chronos Solutions
Coppell, Texas-based Chronos Solutions is a national technology enabled real estate financial services provider delivering elite mortgage and real estate services across the industry. Chronos offers customized transactional and business process management services to private sector and government clients, and its clients include federal agencies, top-five national lenders, leading mortgage servicers, real estate investment firms and more. The firm is a proven leader in title and settlement services; valuations; tailored credit and verification services; HOA solutions; accelerated asset liquidation and marketing; REO asset management and disposition; field services; asset acquisition and investor services and innovative technology applications and systems. Chronos Solutions prides itself on offering the deepest resources and widest networks to provide optimal capacity for even the largest clients; while providing service levels similar to that of a boutique firm. Clients assert that the company’s creativity and flexibility make them stand out among national real estate service companies.
Chronos Solutions manages a wide network of vendors and service providers. The company also has strategic hubs located in Texas, California, Alabama, Pennsylvania and now Spokane, Washington. The firm is led by a seasoned and diverse management team, each possessing extensive experience with leading financial institutions and real estate management firms.