Sourcepoint Enters Into Agreement To Acquire Mortgage Services Provider The StoneHill Group
Acquisition strengthens Sourcepoint's offerings in the mortgage value chain with access to loan QC and due diligence capabilities, plus mid-market lenders
PALM BAY, Fla., Nov. 11, 2021 /PRNewswire/ -- Sourcepoint, a Firstsource company and one of the nation's leading providers of outsourced mortgage services and solutions, announced today that the firm has entered into a definitive agreement to acquire The StoneHill Group, subject to regulatory approvals. The acquisition enhances Sourcepoint's mortgage offerings with sophisticated domain expertise – backed by a proprietary platform – for mortgage quality control (QC) and due diligence, while also increasing access to mid-market lenders, where StoneHill is a market leader.
Firstsource Solutions, a global provider of Business Process Management (BPM) services and a RP-Sanjiv Goenka Group company, is a leading provider of transformational solutions and services for the banking and financial services, healthcare, and communications, media and technology industries. A loan QC leader, The StoneHill Group was founded in 1996 by David Green, who grew the company into one of the mortgage industry's largest domestic providers of outsourced mortgage services to banks, mortgage lenders and credit unions.
The booming lending market and climate of increased regulatory scrutiny highlights the critical nature of the QC and due diligence pieces of the mortgage value chain. As the industry shifts to loan products marked by higher complexity, the risk and cost of errors increase and lead to an emphasis on QC services that support this shift. Due diligence services are also on the rise as residential mortgage loan securitization activity continues to increase after years of record originations, leading to investors shifting and rebalancing capital allocations with these valuable assets along with their mortgage servicing rights (MSRs).
"This acquisition is very complementary and provides us adjacent capabilities in the mortgage value chain. It enables us to scale the business by leveraging the strong demand for residential mortgage loan trading and securitization. We're particularly excited about integrating the offerings of our companies to provide the best-in-class, end-to-end mortgage solutions to both mid- and large market customers," said Vipul Khanna, MD and CEO of Firstsource Solutions.
"Sourcepoint has extensive experience in growing capabilities and businesses and has become a market leader by helping mortgage lenders and servicers operate with greater agility," said David Green, Chairman & CEO of the StoneHill Group. "We consider them a perfect fit and look forward to leveraging their resources and industry reach to take our company to new heights."
About Sourcepoint
Sourcepoint is a leading provider of expertly crafted products and services to the U.S. mortgage industry. For more than 25 years, the company has helped leading mortgage companies sharpen their competitive edge and create value across the mortgage lifecycle, with services that span origination, servicing, title and settlement, post-closing, due diligence and digital mortgages. Sourcepoint's technology-based business process solutions, together with its right shore delivery model, delivered through a comprehensive array of state licenses, help mortgage companies improve agility, cycle time and the borrower experience. For more information visit sourcepointmortgage.com.
About The StoneHill Group, Inc.
Founded in 1996, The StoneHill Group is a trusted provider of exceptional loan quality control, mortgage process outsourcing and technology solutions to the mortgage industry. The company's proven processes, deep experience, technology-enabled, and client-focused solutions deliver capacity, and operational efficiencies, mitigate risk and empower confident compliant decisions. The StoneHill Group services a client base of over 300 independent mortgage bankers, banks, credit unions, mortgage servicers and sub-servicers, and housing finance authorities across the United States. For more information on the StoneHill Group, please visit www.stonehillgroup.com.
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SOURCE Sourcepoint
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