With the acquisition of SharperLending, the credit reporting provider Universal CIS is stepping into the valuation technology side in the issuing of mortgages.
The main offering from SharperLending is the Appraisal Firewall which can be used for both residential and business evaluations. The company also offers the XpertOnline credit information system and EPN technology for borrowing and processing. SharperLending will operate as an independent business unit under the new owner.
"This partnership provides our customers with improved workflow tools and greater value and deeper integration into the mortgage lending process," said Perry Steiner, chairman of UniversalCIS, in a press release. "Our primary focus will be on accelerating technology investments in SharperLending's software products."
This is the third acquisition by UniversalCIS since August 2020. At the time, the company was known as CIS Credit Solutions and announced a merger with another credit reporting provider, Advantus. Then in October the company acquired Universal Credit Solutions. The merged companies were officially renamed UniversalCIS on January 12 and renamed their technology system Advantus in honor of the brand's 75-year history.
"We plan to incorporate and leverage SharperLending technology into all aspects of our business as we continually strive to improve the efficiency of our mortgage creation process," said Jerry Haftmann, CEO of UniversalCIS.
The price paid for SharperLending was not disclosed.
"As a privately held company, we have carefully and deliberately selected our partner for our future growth for over 30 years and we expect great things together with UniversalCIS," said Dave Black, founder of SharperLending.