MCS recapitalizes balance sheet through "substantial reduction in debt"
Mortgage Contracting Services (MCS), a provider of specialized services to mortgage servicers, has announced making some changes in the company’s ownership.
The company recently recapitalized its balance sheet through substantial debt reduction. It has also secured new long-term financing to facilitate growth and execute strategy, according to MCS.
MCS Chief Executive Officer Caroline Reaves said that the move aims to further strengthen its operations.
"We remain 100% focused on delivering the best customer experience while providing the market with a comprehensive service offering," she said. "MCS is a strong business because of our employees, our customer relationships, our sound business model, and strong leadership team."
Mortgage Contracting Services' new ownership comprises an investor group led by Littlejohn & Co. and Lynstone SSF Holdings Sàrl, with funds advised by Neuberger Berman Alternatives Advisers and Crescent Capital Group.
Last year, MCS acquired Miami-based M&M Mortgage Services to enhance its service offering and expand its reach nationwide.
