DENVER, Jan. 22, 2020 /PRNewswire/ -- Covius
Holdings, Inc., a leading provider of technology-enabled solutions
to the financial services industry, announced today it has acquired
Clayton Services, LLC, a leader in loan due diligence and credit
risk management surveillance services, from Radian Group Inc.
(NYSE: RDN.)
The transaction does not include Five Bridges Advisors, Green
River Capital, Red Bell Real Estate, Radian Title Insurance (fka
Entitle Direct) or Radian Settlement Services Inc. (fka
ValuAmerica.) These businesses will be remaining with Radian.
Founded in 1989, Clayton pioneered the concepts of due diligence
and surveillance. To date, it has reviewed more than 17 million
loans and currently monitors the performance of more than
$2 trillion in loans, securities and
mortgage servicing rights. Clayton clients include leading mortgage
originators, securities issuers and investors, government lending
agencies and warehouse lenders.
Clayton's primary services include:
- Loan reviews for whole loan sales and private-label
securitization
- Compliance and valuation reviews
- Loan-level and transaction surveillance
- Non-performing asset review services for mortgage and asset
backed securities
Approximately 550 Clayton associates, primarily in the company's
Tampa and Denver locations, will be joining Covius, as
will Clayton's senior due diligence and surveillance management
teams.
Rob Clements, Chairman and Chief
Executive Officer of Covius Holdings, said: "Clayton is one of the
most recognized brands in capital markets and mortgage
securitization. This transaction will significantly expand the
offerings and presence of Covius in those sectors. Clayton will be
a core business for Covius. We intend to invest the capital and
resources to grow Clayton's market share and build the technology
required by the increasingly digital processes of the origination
and secondary markets."
John Surface, President and Chief
Operating Officer of Covius Holdings, added: "This acquisition
aligns well with what we have been building at Covius over the past
two years. Our current due diligence capabilities, our expanded
solutions set and our deep experience in review valuations, title
curative services and compliance will all support and enhance
Clayton engagements. This significantly increases our scale, scope
and operational capacity to serve new and existing clients. We are
pleased to welcome Clayton clients and associates."
Alston & Bird LLP acted as legal counsel to Covius in
connection with the transaction.
About Covius
Covius is a trusted provider of services, insight and technology
to leading financial companies. Covius' technology-enabled
solutions deliver operational efficiencies, mitigate risk and
empower compliant decisions and borrower interactions. Covius
businesses are recognized leaders in credit and verification
services, HOA and tax tracking, quality assurance, regulatory
compliance, compliant document services, comprehensive settlement
services, lien and title curative solutions, REO asset management
and auction services as well as rapid-development, customizable
cloud-based business process solutions. The company was named a
2019 HousingWire Tech100 winner. For more information about the
company and its services, visit www.covius.com.
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SOURCE Covius Holdings