Covius

COVIUS
Industry Financial Services, SaaS
Headquarters 400 Northridge Road,
Suite 850
Atlanta, GA 30350
Website covius.com

Covius is group of companies providing residential and commercial real estate advisory and SaaS technology services, serving financial institutions, federal lending banks, government-sponsored enterprises, real estate portfolio managers, mortgage lenders and other financial services organizations.[1] Covius is headquartered in Atlanta, Georgia.

Following the April, 2016 acquisition[2] of Covius, LLC by reQuire, LLC, the business units of Covius were restructured as wholly owned entities of Require Holdings, LLC, leading to the creation of Covius Technology Solutions, LLC, Covius Real Estate Solutions, LLC and separately, reQuire Real Estate Services, LLC

Companies and services

  • Covius Technology Solutions (CTS) is a Software as a Service (SaaS) technology services company that delivers customized business solutions using the Convergence BPM platform that it owns and operates. CTS currently focuses on solutions for financial services institutions including federal lending banks, government-sponsored enterprises, real estate portfolio managers, mortgage lenders and similar organizations. CTS positions their technology solutions as the enabler of process improvement and operations optimization initiatives at organizations. Their services are broadly categorized as
    1. Custom Applications: SaaS applications built using the Convergence platform via a BPM approach that are customized to specific business needs at client organizations.
    2. Process Consulting: This service analyzes and optimizes business processes and workflows at the client organization independently from technology implementation specifics.
  • Covius Real Estate Services (CRES) provides advisory services for residential properties or mortgages including analysis of loan origination quality control, property inspections, broker price opinions, property preservation, adherence to underwriting guidelines, compliance, forensic loan reviews, surveillance oversight, and decision support.[3][4] Covius real estate advisory services for commercial properties or mortgages include loan underwriting, lease abstraction, data capture/validation, property inspections, broker price opinions, property market analysis, insurance reviews and transfers and assumptions.[3][4]

History

While the history of the Covius brand itself started in 2014, the platform dates back to the mid 1980s:

  • 1985 - While serving as the chief whole loan trader for E.F. Hutton Mortgage Corporation, Ric Tomlinson leads a group of EF Hutton employees to execute a management buyout of Hutton's mortgage business to form Univest Financial Group, Inc.[5] That same year, Univest creates a proprietary, cutting-edge pricing models providing clients with a sound quantitative methodology to profile risk and value non-standard mortgage portfolios, particularly those with diverse adjustable rate features. The system was known as the Mortgage Portfolio Analysis System (MORPAS), and with this technology, Univest was able to audit, analyze and evaluate residential and commercial portfolios and structure secondary market transactions.[5]
  • 1987 - FSLIC awards Univest its first regulatory-related due diligence project. Univest becomes a leading contractor for the FSLIC, performing on over 30,000 loans over a two-and-a-half year period.[6]
  • 1989 - Resolution Trust Corporation (RTC) is formed. Univest recommends that the agency apply full due diligence for all portfolios brought to market and create a national standard for all contractors to follow. Univest's index of residential data elements and due diligence codes was adopted as the core of the work requirement for the RTC's Atlanta Pilot Program.[7]
  • 1991 – FASRE Field Services, Inc. (FASRE), a privately held company which provided national inspection services to the mortgage industry as well as other non-banking industries is formed.[8][9] Also this year, RTC awards Univest the contract to manage the RTC's Central Loan Database, which served as the backbone of the RTC's National Loan Marketing Effort.[7]
  • 1995 – Univest Financial Group Inc. (UFGI) separates its business into three distinct companies: Univest Financial Services, an underwriting and due diligence firm, Univest Financial Group, an information management services firm serving the regulatory markets, and Univest Holdings, LLC, an investment holding company.[10] Then, later that year Univest sells Univest Financial Services to a private investor group, which eventually sold the company to General Motors Acceptance Corporation (GMAC).[10][11]
  • 2000 - General Motors' mortgage division, GMAC Commercial Mortgage (GMACCM) creates an on-line subsidiary, MortgageRamp.[12] One of MortgageRamp’ premier products was Deal Central, a proprietary, Web-based technology platform delivering increased efficiency, productivity and cost savings by integrating the entire process of originating, packaging, underwriting, pipeline management and reporting, closing and delivering commercial mortgage loans.[13]
  • 2001 –McCracken Financial Software Inc., a subsidiary of GMAC acquires Univest Financial Services and FASRE Field Services Inc. Univest Financial Services was an underwriting and due diligence group spin off of Univest Financial Group Inc., while FASRE Field Services Inc. was the nation's largest provider of annual property inspections to the commercial mortgage servicing industry.[9][14][15][16][17]
  • 2005 - Office Tiger, which was a pioneer in outsourcing back office services to India, with a primary focus on law, banking and publishing acquires MortgageRamp from General Motors Acceptance Corp.[3][18] As part of this acquisition OfficeTiger assumed all of MortgageRamp’s due-diligence, underwriting and document-management services.[19]
  • 2006 - RR Donnelley and Sons (RRD), a Fortune 500 company that provides print and related services acquires Office Tiger.[20]
  • 2014 - On February 7, 2014 Covius announced that it had acquired the Global Real Estate Services (GRES) group from RR Donnelley & Sons.[1]
  • 2016 - In April, 2016 reQuire, LLC a provider of compliance and risk management solutions to the real estate settlement services industry acquires Covius, LLC[21][2]

References

  1. 1 2 "Covius Buys Global Real Estate Services Group Of RR Donnelley & Sons".
  2. 1 2 Solutions, reQuire Real Estate. "reQuire Acquires Covius, LLC". Retrieved 2017-03-23.
  3. 1 2 3 "Summary of Selected M&A Transactions Financial Technology Companies" (PDF).
  4. 1 2 "Covius".
  5. 1 2 "About Us History & Milestones (Univest Holdings)".
  6. ↑ "About Us History & Milestones (Univest Holdings)".
  7. 1 2 "About Us History & Milestones (Univest Holdings)".
  8. ↑ "Division of Corporations and Commercial Code Business Search". Archived from the original on 2014-07-28.
  9. 1 2 "Company Overview of FASRE Field Services, Inc".
  10. 1 2 "About Us History & Milestones (Univest Holdings)".
  11. ↑ "Historical Time Line".
  12. ↑ "Technology is Disposable By: Karthik Sundaram". Archived from the original on 2014-07-25.
  13. ↑ "Report of Independent Accounts By: Ernst & Young" (PDF).
  14. ↑ "McCracken Financial Software Acquires FASRE Field Services".
  15. ↑ "Company Overview of Univest Financial Services, LLC".
  16. ↑ "GMAC Subsidiary Buys Univest".
  17. ↑ "Mortgage Ramp Profitability".
  18. ↑ "OfficeTiger: An amazing success story By Shobha Warrier".
  19. ↑ "Commercial Mortgage Alert: MortgageRamp Sold to Outsourcer, p.11" (PDF). Archived from the original (PDF) on 2014-07-27.
  20. ↑ "RR Donnelley Agrees to Acquire OfficeTiger; Acquisition Expands Global Business Process Outsourcing Capabilities".
  21. ↑ "reQuire Expands Offerings Through Acquisition Of Covius - MortgageOrb". MortgageOrb. 2016-04-11. Retrieved 2017-11-20.
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