Updated: Feb 4, 2022
Mortgage Contacting Services (MCS) has had a history of buying out its competitors whenever it could. This strategy has not only helped them to expand their business but has also helped them to kick out their competition in certain states. In September 2014, it bought Corelogic’s field services business unit; in November 2017, it bought Carringtom Home Solutions’ field services division; and now last October, MCS bought the Miami-based M&M Mortgage Services as well.
Caroline Reaves, the CEO of MCS, believe that acquiring M&M will not only expand their operations in Miami but also strengthen their vendor network throughout the States. It has been reported that Armando Sanz, who was the VP of Operations of M&M has joined the management team of MCS, to oversee the Miami office being handed down.
Carrington, one of the companies that got partially acquired my MCS
What does it mean for contractors?
As far as shift in work load goes, no changes has still occurred. Properties that were under the management of M&M are still being taken care of under their platform and vendors who worked for M&M are still receiving their workload. However, one major difference is that, while all MCS vendors has received logins of M&M and have been receiving work load in that platform as well, the vice versa has not occurred.
Although, the M&M platform is still running, it is inevitable that within this year or so, all their properties will be integrated to MCS and the platform will be shutdown.
The good news is that many MCS vendors nationwide will receive extra volume of work; if they had not been working with M&M too that is. And even if they already been working for M&M too, the properties shifting to MCS will still be good for them as pricing wise, MCS pays much better than M&M.
The issue though would be with those vendors who had only been working for M&M and not for MCS. Clearly, when the full integration occurs and the M&M platform shutdowns, these vendors would be losing their workload unless they can sign up with MCS (which might not happen in areas where MCS already has its own vendors).
All in all, this will be good for some and bad for others. If you are one of the vendors whose business gets affected by the acquirement, I hope you are able to turn it around by signing up with other Nationals.
Blog written by Work Order Processing Services to property preservation companies.