Sortis Holdings Inc. (SOHI) has acquired ClearSpring Loan Services, a special servicer headquartered in Dallas, Texas. ClearSpring has more than $2 billion in assets under management and is a currently vendor for top-tier banks, hedge funds, private investors and government-sponsored enterprises. The company is licensed in all 50 states as a mortgage servicer and debt collector and holds mortgage origination licenses in 35 states.
Sortis Holdings will integrate its existing servicing business and its recently acquired lending operations into the ClearSpring platform, which will be rebranded under the Sortis Financial name and will operate as a wholly owned subsidiary of Sortis Holdings. The lending division will operate as a satellite office based in Portland, Oregon. Alan Sercy will be retained as CEO of the company and Morgan Smith will be President of the acquired entity responsible for the national lending division. “ClearSpring provides a highly scalable platform and a license to operate in all 50 states to facilitate our future growth in the private lending space” said Morgan Smith.
“This transaction brings us one step closer to our vision of delivering a nationwide tech-enabled infrastructure that we can use to scale our lending operations. Additionally, we plan to use the platform to partner with emerging Fintech companies including several in the Sortis’ investment portfolio,” said Jef Baker, CEO of Sortis Holdings.
About Sortis Holdings Inc. (FKA Merchants Bancorp)
Based in Portland, Oregon, Sortis Holdings is a former bank holding company that sold its banking assets in 2016 to focus on investment with a focus on fintech. At the core is Sortis Financial, a wholly owned subsidiary that is a technology-driven platform licensed as a servicer and debt collector in 42 states with origination authority in 35 states. Our regulatory and operational infrastructure, backed by a team of experts in technology, banking, mortgage and business lending, and compliance, enables scaling for our proprietary online lending products and enables partnerships with emerging Fintech companies, greatly speeding time to market. Sortis is leading the vision and accelerating the pace of disruption as a new era unfolds for financial services.