Lewisville, Texas-based property services company MCS announced last week that it acquired Five Brothers Asset Management Solutions, a deal which brings MCS into the reverse mortgage industry for the first time, according to an announcement by the company.
MCS contends that the deal creates “a national property preservation and services market leader that combines complementary business offerings to serve an extensive network of clients in the mortgage services and single-family rental sectors.” It also says that Five Brothers will be integrated into MCS to offer property preservation, maintenance and renovation services.
Five Brothers, headquartered in Warren, Mich., has been in business for more than 50 years and offers regulatory compliant default, rental and real estate-owned (REO) residential and commercial property preservation services. These include services for the reverse mortgage industry, marking MCS’ initial entry into the sector.
Five Brothers expressed enthusiasm “to be joining forces with MCS to continue providing necessary and valuable nationwide field services, advanced technologies and unrivaled reverse/Home Equity Conversion Mortgage (HECM) expertise to its clients,” president and CEO Nickalene Badalamenti-Kalas said in a statement.
“We are bringing together two purpose-driven organizations with common goals and synergies that will continue delivering superior value to clients, while improving communities across the country,” she added. “Five Brothers is proud to join forces with the talented group of professionals within the MCS organization as we are well aligned in our business philosophy and culture.”
According to an entry on the website for the National Reverse Mortgage Lenders Association (NRMLA), Five Brothers is a member that “provide[s] occupancy verification services that help ensure reverse mortgage borrowers are living in their property as a principal residence.”
Borrowers participating in the Federal Housing Administration’s HECM program are required to remain in the home with the lien as their primary residence, and this typically requires an annual verification of occupancy.
