SingleSource Joins Forces with iMortgage
Two Pittsburgh-area mortgage service firms have merged to create one of the country's largest privately held vendor management companies.
By Adriana Pop, Associate Editor
Canonsburg, Pa.—SingleSource Property Solutions has increased its market share by integrating iMortgage Services with its operations. iMortgage is a Pittsburgh-based firm whose capabilities include appraisal management as well as title and settlement services.
SingleSource is a national provider of valuation, REO, title and property preservation services based in Canonsburg, Pa., 20 miles south of Pittsburgh. The merged company is keeping the SingleSource Property Solutions name and headquarters.
Brian Uffelman, previously CEO of iMortgage Services, has become chairman of the board, Brian Cullen remains CEO of the new SingleSource, Andre Lacouture remains president and Ed Austin, iMortgage Services’ COO & chief marketing officer, has become SingleSource’s COO. SingleSource Property Solutions now employs nearly 300 people and the management teams from both companies remain intact.
“Since their inceptions, the two companies have had common ownership and have been providing lenders, servicers and various other clients with non-competing services,” Uffelman said. “Because the companies’ service lines complement each other, they have few mutual clients. As a result of this fortunate situation, our board of directors determined it made sense to streamline administrative functions and bring two outstanding brands under a single name to create one of the country’s largest privately held vendor management companies.”
“The sky is the limit for the new SingleSource,” added Cullen. “Our scalability will allow us to increase market share by cross-selling services as we continue to provide clients with the custom solutions and personalized attention they have come to expect from us. This development reflects a growing trend toward consolidation throughout the industry to help mortgage service companies achieve economies of scale.”
Image courtesy of SingleSource Property Solutions