Appraisal know-how firm Correct Group introduced this week that it has acquired Voxtur Appraisal Companies, an appraisal administration firm (AMC).
Voxtur primarily serves actual property finance suppliers and makes a speciality of broker-price opinions (BPOs), various valuation strategies and conventional value determinations.
Phrases of the deal weren’t disclosed. The acquisition helps obtain Correct Group’s bigger need to broaden its appraisal-based choices throughout the mortgage lending, default and servicing sectors, the corporate stated in an announcement.
“We’re excited to welcome Voxtur Appraisal Companies’ seasoned workforce of execs and Voxtur shoppers,” stated Paul Doman, president and CEO of Correct Group. “The acquisition of [Voxtur] will present these appraisal administration shoppers with a variety of providers that drive effectivity and innovation inside each organizations and aligns seamlessly with our dedication to excellence.”
The timing of the acquisition will allow the mixed companies “to help default and servicing lenders throughout an anticipated interval of development,” Doman added.
Voxtur will function as an impartial model throughout the Correct Group company umbrella, retaining its present workforce, together with firm president Al Broadway, who lauded the deal.
“Bringing collectively the sources of two main appraisal administration firms will present quick product and repair advantages to each Correct Group’s and Voxtur’s appraisal administration shoppers,” Broadway stated. “We anticipate a seamless transition and uninterrupted service for all shoppers, and I consider that the mixture of our strengths will open up new alternatives and set new business requirements.”
This previous March, Correct Group was one of many distributors beforehand authorized by Fannie Mae to deal with the GSE’s new valuation initiative. It cuts conventional appraisers out of the method and doubtlessly represents a big shift within the valuation business.