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Wednesday, May 29, 2024

Concord Servicing Completes Acquisition of Equiant, a Loan Servicer Based in Arizona

Concord Servicing, a leading loan servicer in the home improvement, residential solar, and vacation ownership industries, has recently made a major acquisition. The company has acquired Equiant, an industry-leading loan servicer in the vacation ownership market, based in Chandler, Arizona. Equiant boasts a $1.5 billion loan portfolio, including more than 175,000 individual consumer loans, and offers software solutions and servicing expertise for various loan account management needs, including billing, collateral document management, backup servicing, securitizations, debt recovery, and disaster recovery.

The leaders at Concord and Equiant see this acquisition as a strategic move that will allow them to drive growth and serve their customers more efficiently and effectively. Shaun O’Neill, Concord Servicing Chief Revenue Officer, emphasized how Equiant’s self-service tools and credit card offerings complement Concord’s strengths in collections and compliance. The goal is to combine the strengths of both companies to achieve operational synergies, enhance products and services, and deliver industry-leading performance for customers.

Peter Moody, Chief Business Development Officer at Equiant, expressed excitement about leveraging Concord’s position and investments to accelerate their diversification strategy. He also mentioned plans to accelerate initiatives in vacation ownership, home improvement, capital markets, health care, and the subscription business, benefiting from Concord’s competitive success in various industries.

Effective immediately, the companies will function under one leadership team led by Jason Alexander, Concord CEO. Additionally, they will seek to fully consolidate US operations under one roof within the next 120 days, maintaining their headquarters in Scottsdale.

Concord Servicing has been a leader in delivering compliant, flexible, and scalable portfolio servicing solutions for over three decades. With a focus on meeting the demands of loan originators and capital providers, the company has received recognition for its award-winning financial technology and support, serving clients globally and operating facilities in the United States and Mexico. Equiant, on the other hand, is recognized as one of the United States’ leading structured finance servicers, offering a range of financial products and services, including loan receivables and maintenance fee servicing on a fully hosted web platform, PaaS receivables technology, point of sale merchant processing, document custody, back-up servicing plans, integrated payments, integrated reporting, integrated communications, and contact center tools for early-stage recovery and delinquency control.

The acquisition of Equiant by Concord is expected to bring together the strengths and expertise of both companies to create a powerful force in the loan servicing industry. This move is not only expected to drive strategic growth for both companies but also to benefit their customers by enhancing the products and services offered. Both companies are poised to utilize their combined resources to achieve operational synergies and lead the way in delivering top-notch performance for their clients. For more information about Concord Servicing, visit concordservicing.com, and for more about Equiant, visit equiant.com.

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