Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company today announced that it has signed a definitive agreement to acquire Opus CMC (Opus Capital Markets Consultants LLC), one of the leading US-based providers of mortgage due diligence and risk management services for a purchase consideration of USD 75 million that includes a deferred earn-out component. The acquisition will strengthen Wipro’s mortgage solutions and outsourcing business and complement its existing offerings in mortgage origination, servicing and secondary market.
Founded in 2005 and headquartered in Lincolnshire, Illinois, Opus CMC provides comprehensive risk management solutions to the mortgage industry in the United States. It has over 490 employees, including over 315 loan underwriters, spread across 5 centers in the US.
Opus CMC offers operational and loan level due diligence, valuation support, forensic analysis, and advisory services on all classes of mortgage products, residential and commercial, ranging from re-underwriting whole loans to collateral reviews of securitized pools. Its customers include several of the top global banks, mortgage conduits, mortgage investors, and independent mortgage originators.
“We welcome Opus CMC’s employees to the Wipro family,” said Manoj Punja, Senior Vice President and Head - BPO, Wipro Limited. “This acquisition will help us expand in the high end Mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering. Opus CMC has an experienced management team with a deep understanding of the emerging needs of this business. We believe Opus CMC will continue to lead with their innovative offerings and extend these capabilities to Wipro’s banking and financial services customers as well. Our vision is to leverage Wipro’s offerings with Opus CMC’s capabilities and knowledge base to create an end-to-end offering for all mortgage players, with a greater degree of automation and application of analytics.”Opus CMC has been very successful in building a talented team that can address a wide range of quality management needs for mortgage product sellers, intermediaries and investors. Its proprietary due diligence platform, encapsulates nearly a decade of business intelligence in loan reviews, and the latest in regulatory requirements.
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