Midland Loan Services Inc. and Little Rock, Ark.-based Univest Financial Group LLC have agreed to a merger aimed at helping the combined company become a leading provider of Web-enabled loan servicing. Operating as Midland Loan Services, the company will blend Univest's Internet services with Midland's established asset administration services aimed at real estate portfolio lenders, financial institutions and CMBS issuers. Terms of the transaction were not disclosed.
Midland Loan Services, a division of Pittsburgh-based PNC Financial Services Group Inc., has a loan-servicing portfolio of approximately $50 billion, while Univest offers a browser-based system for commercial loan servicing called Enterprise! Loan Management System. According to James Rohr, president and CEO of PNC, the transaction marks another step in the company's efforts to develop its e-commerce strategy and enhance its profile in commercial mortgage servicing. Midland will retain its existing offices in Kansas City, Atlanta, Little Rock, Ark., and Washington, D.C., and plans to hire additional employees to expand Enterprise!