SitusAMC Advances Business Through Strategic Moves

New York, NY (04/11/2024) – SitusAMC, the leading provider of services and technology to the commercial and residential real estate finance industry, today announced a series of strategic business moves aimed at streamlining its focus while creating opportunities to advance its business through minority ownership and partnership structures. The initiatives include:

1. Strategic investment in and partnership with residential technology provider, Candor Technology, Inc

2. Launch of AI mortgage-market intelligence platform, Impact Capitol, LLC

3. Strategic dispositions of technology platforms, ReadyPrice, LLC and rSquared CRE, LLC

Regarding these transactions, SitusAMC’s Chief Executive Officer, Michael Franco, stated, “SitusAMC has a diverse portfolio of offerings across commercial real estate and residential real estate markets. With these transactions, we are embracing a partnership model to allow for faster innovation that will benefit these companies, SitusAMC, and shared stakeholders.”

Strategic Investment in Candor Technology, Inc

SitusAMC has secured a strategic partnership with Candor Technology, Inc. (“Candor”). The partnership includes two key areas of alignment: (1) an investment into Candor’s Series B round of financing led by Minneapolis-based Rice Park Capital Management; and (2) a commitment to enter into multiple commercial arrangements designed to capitalize on the synergies between the two companies.

Candor’s Loan Engineering System (”LES”) is the industry’s only patented AI software solution that assists a lender’s licensed loan officers, underwriters, and processors to produce a ‘“decision ready’” loan file that complies with investor guidelines. Brokers, Banks, Independent Mortgage Bankers (IMBs), Correspondent, and QC providers utilize the Loan Engineering System to focus on the eligibility, quality, and completeness of the borrower’s data to help identify exceptions and to increase the speed of decisions that result in improved borrower satisfaction and higher quality loans.

SitusAMC plans to combine LES with its licensed residential fulfillment subsidiary, DynAMC (pronounced “Dynamic”), to offer a next-generation AI-enabled fulfillment solution - SitusAMC Fulfillment powered by Candor LES. The solution will be unmatched with respect to speed, accuracy, and value.

“We believe that the combination of Candor’s technology and the scale and expertise of our loan fulfillment services will be a transformative solution that delivers significant value for originators looking for a better customer experience and cost efficiency,” stated Mr. Franco, CEO of SitusAMC. “While we have primarily been known for our secondary market expertise, the partnership with Candor highlights our expanded capabilities in primary markets, including SAFE Act fulfillment, knowledge process outsourcing/component review services, title search, and residential mortgage compliance through ComplianceEase.”

“This is an amazing opportunity for both companies to bring a complementary set of strengths to a partnership that will propel our collective client base far beyond their competitors,” said Mark Hinshaw, CEO of Candor Technology, Inc.

"We are very pleased that SitusAMC has joined us in this partnership,” stated Chris Bixby, Managing Director of Strategic Equity Investing at Rice Park Capital. “We believe the combined offerings of SitusAMC’s mortgage capabilities and Candor’s underwriting technology are needed in today’s marketplace, especially as lenders are focused on driving down record-high fulfillment costs.”

To learn more, contact SitusAMC at: connect@situsamc.com or Mark Hinshaw at: mhinshaw@candortechnology.com

Launch of AI Mortgage-Market Intelligence Platform

SitusAMC and its former Head of Government & Industry Relations, Tim Rood, have reached an agreement to form a new entity, Impact Capitol, which has developed a cutting-edge real estate AI application, ALFReD (Autonomous Learning For Real Estate Decisioning), providing real-time insights and information to users via an interactive chatbot interface. Through ALFReD, Impact Capitol will offer not just relevant information; but understanding, tailored advice, and insights from a massive proprietary database and live news feeds.

"Through the utilization of AI-driven capabilities, Impact Capitol will seek to democratize access to sophisticated market insights with the goal of fostering a more transparent and informed residential real estate market," stated Mr. Rood. He added, “Mortgage and real estate professionals have never seen anything like ALFReD, and it will change the way they work for the better.”

Mr. Franco added, "We are thrilled to be supporting Tim as a minority partner in Impact Capitol. We believe that Tim’s expertise and the power of AI can be a meaningful resource for individuals and companies looking to level up their real estate finance strategies."

ALFReD will launch in Beta in early Q2. To learn more and request early access, please contact Tim Rood at: tim@impactcapitoldc.com

Strategic Disposition of Two Technology Platforms

SitusAMC has announced the disposition of two technology platforms, rSquared and ReadyPrice.

rSquared

SitusAMC has sold rSquared CRE, LLC (“rSquared”), a provider of commercial real estate PropTech solutions, to Sean Fitzpatrick, a member of the rSquared management team. Mr. Fitzpatrick helped co-found rSquared in 2019 and, post-transaction, now serves as its Chief Executive Officer. Mr. Fitzpatrick, along with the rSquared business team, will continue to support the firm’s technology offerings including rDCF, a cash flow forecasting and underwriting tool, and rBudget, a budgeting and reforecasting system.

“This transaction allows the rSquared team to focus on growing as an independent company, and provides the flexibility to pursue more targeted strategies,” said Mr. Fitzpatrick.

To learn more, contact Sean Fitzpatrick at: sfitzpatrick@rsquaredcre.com.

ReadyPrice

SitusAMC has reached an agreement to sell ReadyPrice, LLC (“ReadyPrice”), its residential mortgage product, pricing, and eligibility platform, back to its founder, Rick Soukoulis. Mr. Soukoulis will continue to be supported by members of the ReadyPrice team and will continue to do business under the ReadyPrice name.

“ReadyPrice has made significant enhancements to increase value to brokers and originators over the last several years; however, we’ve decided to return ReadyPrice to an independently owned company,” stated Mr. Franco.

Mr. Soukoulis added, “We are thrilled to unveil the newest iteration of ReadyPrice, which represents the next generation of innovative solutions for lenders and vendors. With recent news and scrutiny surrounding broker anti-steering regulation, we are proud to offer a tool that helps our clients navigate this evolving landscape with ease and confidence. ReadyPrice is poised to become a vital resource for brokers and lenders alike as they adapt to new industry regulations and continue to drive growth and success.”

To learn more, contact Rick Soukoulis at: rick@readyprice.com. 

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About SitusAMC

SitusAMC is a leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. The company helps clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information visit www.SitusAMC.com