Invis Buys Mortgage Intelligence
Okay. We admit we're "slightly" behind the curve on reporting this one. However, for those who haven't heard...
In October, Invis bought Mortgage Intelligence from GMAC Residential Funding Canada, a subsidiary of embattled GMAC ResCap. The deal closed on October 1.
The merger was not publicized in the least --which is largely why we didn't hear about it until recently. There was no press release, no media coverage, no Internet banter, nothing. In fact, the only clue we found on Google was this job ad.
Word is, this low-profile approach was intentional. Is that because GMAC didn't want people to know what they sold Mortgage Intelligence for? We have no idea.
On the topic of price, none was disclosed. For what it's worth, we've been hearing the sale price was in the neighbourhood of $7 million.
The two companies are now hard at work on melding their somewhat different cultures. Reconciling each of their compensation schemes may be one of the bigger issues they have to deal with.
As for volumes, both were (and are) big players in the business. Mortgage Intelligence funded in excess of $8 billion in mortgages during fiscal year 2007, a number roughly unchanged since 2005. Invis funded $6.9 billion in 2007. Combined, they are now easily the biggest mortgage brokerage in the country by volume.
Both Invis and Mortgage Intelligence launched in 2000.
