Mercury Network Acquires Platinum Data Solutions
August 24, 2016
Oklahoma City — Mercury Network, the valuation vendor management platform used by more than 700 lenders and Appraisal Management Companies (AMCs), announced it has entered into a definitive agreement to acquire Platinum Data, a leading provider of valuation data and analytics solutions headquartered in Aliso Viejo, CA.
The country’s top 10 mortgage lenders already rely on Platinum Data’s analytical tools for appraisal quality control, and the two companies have offered an integrated solution serving the industry since beginning a partnership in January, 2015.
“Appraisal quality is an increasingly important compliance requirement and the addition of Platinum Data’s technology will expand the suite of services available to both companies’ customers,” said Will Clemens, CEO of Mercury Network. “Platinum pioneered automated appraisal underwriting and quality control, and expanding these tools in Mercury Network will help the industry enhance appraisal quality and gain efficiency.”
“Mercury Network and Platinum Data customers will have even more options," said Jennifer Miller, President of Mercury Network. “Both companies already have integrations with other quality control solutions and appraisal management systems, and those relationships will continue. Our goal is to make it as easy as possible for lenders, AMCs, credit unions, servicers, investors and their vendors to choose the best suite of services for their business.”
“This is one of those ideal situations where one plus one equals three,” said Phil Huff, president and CEO of Platinum Data Solutions. “We can do more together than we could individually. It’s an exciting time for both companies. Everyone — customers, partners and employees of both Platinum and Mercury — will benefit from the innovation and growth this venture will bring going forward.”
Lance Fenton, Partner at Mercury’s primary investor, Serent Capital, noted, “Mercury’s growth over the past year has exceeded all our expectations, and this acquisition positions the company to rapidly expand their transaction footprint in the mortgage cycle. We look forward to working with the entire team to help deliver unmatched value to all customers.”
About Platinum Data Solutions
Platinum Data Solutions provides valuation data and analytics technologies that help mortgage lenders, servicers, investors, AMCs and their vendors value collateral, identify potential collateral weaknesses and manage collateral risk. The company’s online platform and analytical tools protect the country’s top 10 mortgage lenders and help hundreds of companies to perform due diligence and prevent collateral-based loss. Each year, Platinum Data protects billions of dollars in assets across the U.S. against collateral-based non-compliance, buybacks and other risks.
The company’s RealView system pioneered computer-assisted appraisal underwriting. Its valuation analytics channel provides the industry’s only turnkey services that assure the responsible use of AVMs. Platinum Data Solutions is based in Aliso Viejo, California and was founded in 2002. For more information, visit http://PlatinumData.com, follow @Platinum_Data or email info@PlatinumData.com.
About Mercury Network
Mercury Network provides over 700 lenders and AMCs with the most powerful and comprehensive platform for managing collateral valuation workflow. The company’s namesake flagship technology, has been recognized for its consistent ability to improve accuracy, compliance, quality and turn-times. The company’s additional solutions include its Enterprise Vendor Framework (EVF) for lender management of AMCs, SureReceipts for compliant eDisclosures to the borrower, as well as Platinum Data’s suite of valuation data and analytics products, which includes the award-winning RealView appraisal QC technology, FreeAppraisalReview.com, the industry’s only free appraiser-facing appraisal review technology, Collateral Expert address-driven property report, the OptiVal suite of valuation analytics products and services, and several ancillary mortgage services. For more information about the company, visit MercuryVMP.com or follow @MercuryNetwork.