A Radnor-based private equity firm now has a majority share in a mortgage technology platform with ties to Broomall, writes Jeff Blumenthal for Philadelphia Business Journal.
Lovell Minnick Partners out of Radnor has purchased the majority shares for UniversalCIS, which provides online credit data to the mortgage industry.
Former U.S. Speaker of the House Paul Ryan and former U.S. Navy Secretary John Dalton are on UnversalCIS’ board of directors.
UniversalCIS i was created in January after the merger of Universal Credit Services in Broomall with CIS Credit Solutions in Allamuch, New Jersey and Avantus in West Haven, Connecticut.
The combined company then acquired mortgage tech provider Sharper Lending of Spokane, Washington.
Besides Broomall, UniversalCIS has four other operations across the nation.
It provides credit data and origination solutions to more than 4,000 clients in the North American mortgage market, including banks, non-bank mortgage lenders, credit unions and mortgage brokers.
The Lovell Minnick investment is happening during high mortgage volume because of low interest rates during the pandemic.
CIS did close to $18 million in revenue three years ago. It was $200 million by the end of 2020.
Read more at Philadelphia Business Journal about Lovell Minnick Partners’ majority stake purchase of UnversalCIS.