UniversalCIS, a technology-enabled provider of credit data and related origination solutions in the mortgage industry, and Credit Plus, a leading provider of mortgage verifications and business credit reports, have merged their companies.
As a result of the merger, the new company will become the largest in the industry and serve over 6,500 clients in the North American mortgage market including banks, non-bank mortgage lenders, credit unions and mortgage brokers.
Credit Plus brings over three decades of experience assisting more than 2,500 lenders with its information and verification services throughout the mortgage origination process. UniversalCIS has over 4,000 clients and utilises an innovative, proprietary technology platform that offers credit data and origination solutions and serves as the first interaction point for clients in the loan application process. The merger represents UniversalCIS’ latest milestone as the company continues to execute its growth strategy following the acquisitions of Universal Credit, CIS Credit, Avantus, DataFacts and SharperLending as well as an investment from Lovell Minnick Partners earlier this year.
The combined business will have over 750 employees and will maintain all of its current operations centers in 12 states. UniversalCIS and Credit Plus will initially retain their brands and gradually combine their operations with plans to rebrand the new company in the future. The business will be headquartered in Philadelphia and led by the combined executive teams of UniversalCIS and Credit Plus, who will all maintain leadership roles going forward. UniversalCIS Chairman Perry Steiner will become Chairman and CEO of the business, Jerry Haftmann will become Vice Chairman and Credit Plus’ CEO Greg Holmes will become Chief Revenue Officer.
“Credit Plus and UniversalCIS are widely recognised in the mortgage industry for providing best-in-class service and support during every stage of the mortgage origination life cycle,” says Perry Steiner, Chairman and CEO of the combined company. “This merger emphasises our commitment to providing our clients with the best technology, service and solutions to meet all of their needs, and we look forward to working with the Credit Plus team as we continue to accomplish this mission.”
“We are extremely proud of all that Credit Plus has achieved and believe that UniversalCIS’ culture and values align well with our company. Better together, we share a common vision for transforming verifications and insights to better serve all lenders and their borrowers. This transaction accelerates our shared focus of becoming the leading market provider,” says Greg Holmes, Chief Revenue Officer of the combined company. “We look forward to continuing to provide excellent customer service and prioritising our ability to deliver innovative solutions alongside the UniversalCIS team.”
“UniversalCIS has demonstrated its unique and impressive ability to scale and execute against its growth objectives,” says Jason Barg, Partner at Lovell Minnick. “This merger with Credit Plus, another impactful player in the mortgage industry, positions the combined company for continued growth and success, and we look forward to continuing our partnership with Perry, Greg, Jerry and the senior management team.”
Financial terms of the transaction have not been disclosed.
