American Mortgage Consultants, a residential and consumer loan mortgage industry solutions provider, recently announced the formation of a new subsidiary, TechEssential, to provide solutions to ease transactions in the secondary mortgage market.
TechEssential will offer its clients and third-party service providers a suite of technology solutions aimed at increasing the efficiency of transacting in the secondary mortgage market, as well as document classification and data extraction from optical character recognition and several other features, according to the company.
AMC CEO Michael Franco explained that TechEssential represents AMC’s larger commitment to technology as the underpinning of its business.
“We believe the future of the residential mortgage industry will be about technology-based transaction and diligence facilitation, and that an open architecture is essential toward providing connectivity throughout the secondary market and vendor community,” Franco said.
AMC announced that Brian Perry and Chris Consoli will oversee TechEssential’s go-to-market strategy, product development initiatives and growth priorities.
Perry will continue to serve as AMC's managing director of software solutions. Prior to joining AMC, Perry served as the lead product developer and architect at Optimal Blue.
“I’m excited to join the dynamic team that AMC has established at TechEssential to bring increased efficiency to the secondary market,” Perry stated. “Although not historically known as a fintech company, AMC has built some market-leading solutions that we believe will become foundational technologies for transacting in residential mortgage finance.”
Consoli, AMC’s chief technology officer, said TechEssential’s technologies are built-to-scale and have been tested by AMC on hundreds of thousands of loan files.
“Our ability to test technologies internally before client deployment and our sizeable commitment to our IT team are differentiators in the space,” Consoli said.
TechEssential will be supported by AMC’s team of 75 fintech professionals, the company said, adding that it plans to further scale its operations by hiring 50 people within the next year, aligning with the company's ongoing expansion plans.
