Private equity firm Narrow Gauge Capital (NGC) acquired Inco-Check, LLC, a provider of quality control audit mortgage software and fraud prevention services.
Founded in 2000, Irvine, California-based Inco-Check leverages its proprietary web-based platform to support GSE, regulatory agency, and investor requirements. With NGC’s acquisition of Inco-Check, the company aims to enhance loan quality and prevent fraud in a competitive mortgage and consumer lending market, Inco-Check said. Terms of the deal were not disclosed.
Citing Inco-Check’s customer service and detailed reporting services, Adam Doctoroff, partner at NGC, said the company wants to “help shape the future of loan quality and fraud detection for the mortgage industry.” Inco-Check offers nine software solutions including loan servicing audits and fraud risk management solutions to banks, credit unions, and lenders nationwide, according to its website.
“Inco-Check has not only developed proprietary technology to support its clients, it also uses these same tools to provide a highly differentiated service offering, making it a one-stop shop for software and tech-enabled services,” said Michael Detwiler, who partnered with NGC on the acquisition, in a statement.
Boston, Massachusetts-based NGC, founded in 2015, is focused on making investments in health care services, financial services technology, distribution and logistics sectors. In 2018, the firm acquired Class Appraisal, a real estate asset valuation and appraisal management solutions provider.
Lenders, are you prepared for 2022’s challenges?
As lenders navigate through increased competition and fraud risk, it’s crucial they find solutions that balance workflow improvement.
Presented by: DataVerify
A group of investors led by Ocean Avenue Capital Partners provided equity capital in the transaction. Berkery Noyes & Co. and Keefe, Bruyette & Woods served as financial advisors to Inco-Check Winston & Strawn served as legal counsel to NGC.
