Credit reporting provider CIS Credit Solutions completed its second merger in just over two months, this time in combination with Universal Credit Services.
The terms of the contract were not disclosed.
In August, CIS merged with Avantus and its sister company Credit Bureau of Connecticut.
All three companies will retain their independent brands, at least initially, and will gradually merge their operations.
Aside from credit reports, the companies provide flood certification services, tax certificate compliance, employment, income and wealth verification, and tenant screening services.
The three companies combined have over 4,000 mortgage clients and 10,000 tenant screening clients. That means a doubling of the size. Following the announcement of this merger, around 2,000 mortgage customers were served after the merger of the CIS with Avantus.
As a newly formed entity, the three companies have operating centers in Pennsylvania – with headquarters in the Philadelphia area – as well as in Delaware, Connecticut, Rhode Island and Oregon.
The management team comes from all three organizations. The CIS chairman Perry Steiner remains in his role. Mike Brown, who was Chief Executive Officer of CIS at the time of the Avantus merger, will now become Chief Operating Officer.
New CEO Jerry Haftmann, Chief Financial Officer Bob Dumont, President Bill Merryman and Chief Integration Officer Jayne Kelly are all from Universal.
Michael Delaporta, now Chief Technology Officer, was at Avantus.
"The service record and the history of our companies are unmatched in the mortgage markets. This merger underscores our mutual commitment to our customers, employees, technology development and our future growth," Steiner said in a press release on the Universal transaction.
Avantus is the oldest of the three companies and has been in business for 85 years, including 35 years for the CIS and 28 years for Universal.