Covius Holdings, a provider of technology-enabled services for the financial services industry, has closed its previously announced acquisition of certain businesses from Chronos Solutions. The businesses include Chronos Solutions’ credit, flood, income and tax verification services, government services, REO management and disposition, online foreclosure auction and homeowners association tracking units. No financial terms were disclosed. Covius is backed by Aquiline Capital Partners and New Residential Investment Corp.
DENVER, July 29, 2019 /PRNewswire/ — Covius Holdings, a leading provider of technology-enabled solutions to the financial services industry, announced today that it has completed its previously announced purchase of various businesses from Chronos Solutions (Chronos), including its credit, flood, income and tax verification services, REO management and disposition, online foreclosure auction and homeowners association (HOA) tracking units. Concurrently, Covius and New Residential Investment Corp. (“New Residential”) completed New Residential’s strategic investment in Covius that was announced on May 1, 2019.
With its expanded solutions set, Covius also announced that it will now go to market through two new divisions: Covius Origination Solutions and Covius Servicing and Capital Markets Solutions.
Covius Origination Solutions will include:
FundingSuite® credit reporting and modeling
TaxDoor® and VODAchek™ borrower verification services
Flood and HOA determinations
Lien preparation and tracking
Valuations and appraisal workflow
Origination document, title and title curative services
Covius Servicing and Capital Markets Solutions will include:
Loan modification and loss mitigation
RealtyBid® auction services
Loss mitigation title and curative services
Due diligence and business process automation services
Rob Clements, Chairman and Chief Executive Officer of Covius Holdings, said: “The Chronos acquisition significantly expands the critical services that Covius can digitally deliver across the mortgage ecosystem and deepens our product offerings. Like the reQuire acquisition last year, this acquisition reflects the strategic plan that we have been executing for the past 18 months. Other key elements in that plan include attracting new capital through our agreement with New Residential and the divestiture of our private-label fulfillment business.”
John Surface, President and Chief Operating Officer of Covius Holdings, added: “The combined company is designed to effectively serve our 5,500 clients and meet the changing needs of the origination, servicing, asset management and capital market sectors. We are organizing our management team to align with our new client-oriented, go-to-market positioning and accelerate our enterprise-wide digital investments and partnerships.”
Covius is a trusted provider of services, insight and technology to leading financial companies. Covius’ technology-enabled solutions deliver operational efficiencies, mitigate risk and enable compliant decisions and borrower engagement, from origination through servicing to capital markets. The company was recently named one of HousingWire’s 2019 Tech100 winners. Covius Holdings is majority-owned by Aquiline Capital Partners, a New York and London-based private equity firm investing in financial services and technology. In 2019, New Residential Investment Corp., (NYSE: NRZ), a publicly traded REIT that focuses on opportunistically investing in, and actively managing, investments principally related to residential real estate, made a strategic investment in Covius. For more information about the company and its services, visit www.covius.com.