KANSAS CITY, MO-In a merger that blends leaders in commercial loan servicing and mortgage technology, Midland Loan Services Inc. has joined forces with Univest Financial Group LLC. Midland Loan Services Inc. is a wholly owned subsidiary of The PNC Financial Services group. Univest Financial Group is a privately held provider of technology and date management services. The company will operate under the Midland name. Terms of the merger were not disclosed.
Midland has a loan servicing portfolio of approximately $50 billion. It is a leading provider of web-enabled loan servicing and asset administration solutions for commercial real estate portfolio lenders, financial institutions and commercial mortgage-backed securities issuers. Midland has the highest servicer and special servicer ratings from Fitch IBCA, Duff & Phelps and Standard & Poor's.
Univest is the first company to offer a browser-based, Web-enabled solution for commercial loan servicing–the Enterprise Loan Management System. With the addition of Univest, Midland Loan Services expects to offer a full range of commercial mortgage servicing solutions, from the licensing of servicing technology to outsourcing commercial loan servicing.
“PNC has been making targeted investments in a diverse group of businesses that are increasingly recognzied as best of class providers of technology solutions,” says James E. Rohr, president and chief executive officer of the PNC Financial Services Group. “This transaction will mark another important step in the development of our e-commerce strategy and enhance our national leadership position in commercial mortgage servicing,” he adds.
Douglas Danforth, Jr. will continue to serve as president and chief executive oficer. Wes Hall, chief executive officer at Univest, will serve as chief operating officer. Midland will keep its offices in Kansas City, Little Rock, Atlanta and Washington, D.C. PNC is headquartered in Pittsburgh.
“Our goal is to create the next generation platform in commercial loan servicing and to set the new industry standard for managing commercial mortgage investments,” Danforth says. “With more than $1.5 trillion in commercial mortgage loans outstanding in the United States today, lenders still rely on multiple systems because there has been no single technology to fully integrate loan servicing, accounting and asset management,” he notes.
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