LenderLive will take on a new name through a rebranding of the company, but reQuire will keep its branding moving forward, the company announced.
Covius Holdings will become the new name for LenderLive, and reQuire will be known as reQuire, a part of Covius.
Covius Services President Pete Pannes told The Title Report that reQuire’s strong reputation played a part in the decision.
“reQuire is the largest and best-known title tracking and clearing business in the country, relied upon by lenders, title companies, settlement service providers and attorneys nationwide,” Pannes said. “Over the years, it has tracked millions of liens and cured tens of thousands of lien-related issues. Over time, we believe Covius will be synonymous with technology-enabled products, services and solutions that support confident, compliant decisions, and significantly reduce cost and complexity. As Covius evolves, we will evaluate whether we will still need standalone brands, like reQuire, but for the time being it is working for us and our clients.”
Covius Holdings provides technology-enabled solutions to the financial services industry, including document management, regulatory compliance, commercial and residential loan due diligence, settlement services, business process automation and lien release tracking.
The company said there will be no changes to the name of LenderLive Network, LLC, the private-label fulfillment subsidiary that Covius is selling to Computershare, but that the sale was behind the decision to rebrand.
“Historically, the LenderLive brand has been associated with our outsourced private-label mortgage fulfillment business, which we are in the process of selling to Computershare. This was a big factor in our decision to rebrand,” Pannes said.
Covius is the name of the company’s Software-as-a-Service (SaaS) platform, and Pannes said it seemed natural to take that name for the company in the rebranding.
“We were looking for a brand that reflected both our significant growth on the services side of our business and our focus on delivering technology-enabled solutions,” he said. “We chose Covius, the name of our established SaaS development platform, because it speaks to what we have built to date and what we are continuing to build in the future.
“Going forward, Covius will be the name of our holding company and the umbrella brand for our document management, regulatory compliance, commercial and residential loan due diligence, settlement services and business process automation businesses.”
The move also fit with acquisitions and strategic decisions previously made by LenderLive.
“We felt that our old name hadn’t kept pace with the investments we’d been making in the service and technology businesses,” Pannes said.
The rebranding will provide Covius the chance to start different discussions with current and prospective clients, and Pannes highlighted a couple of the opportunities.
“For the Federal Home Loan Bank of Chicago, we’ve built a SaaS platform for its Mortgage Partnership Finance Program that significantly accelerates business processes while improving customer experience. The Covius solution lowered the average turnaround time by 30 percent, while improving the accuracy rate in the process,” he said. “Last year, we launched a regulatory monitoring and advisory programs in mortgage, automobile finance and consumer lending that can help lending institutions ensure compliance and be combined with document fulfillment services to deliver compliant, cost-effective, borrower communications. And recently, we unveiled an end-to-end default management solution proven to reduce title defects in loss mitigation by over 40 percent.”
In a press release, Covius Holdings Chairman and CEO Rob Clements said the rebranding points the company in the right direction moving ahead.
“In the past year, (Covius Holdings President and Chief Operating Officer) John Surface and I have refocused the company’s strategy on the services, information solutions and technology that leading financial companies depend on to thrive in a highly competitive, highly regulated environment,” Clements stated. “(Covius) speaks to what we have built to date and points to the future state that we are working toward.”