Conseco Finance to Form Title Subsidiary
April 1, 2002
ST. PAUL, Minn. - Conseco Finance Corp. said Friday that it is forming a subsidiary to provide title-related products, appraisal and settlement services for its home equity, home improvement and mobile home loans.
The new company, to be located in the Pittsburgh area, will be called Convergent Lending Services. It is scheduled to begin operations in May and will employ up to 100 people by the end of the year. Plans call for 150 to 180 employees within two years.
Pittsburgh-based ATM Corporation of America has been hired to develop and install the operating platform for the new firm.
"Conseco's mortgage-related businesses generate a tremendous amount of activity in the areas of appraisal, title, and settlement services. This venture will allow our company to share in the revenue stream from these activities while, at the same time, increasing uniformity and consistency of our processes," said Chuck Cremens, president and chief executive of Conseco Finance.
Albert Rudnickas, currently Conseco Finance vice president, has been named president of the new company.
Convergent will initially be licensed as a title agent in 32 states, with plans to be in all 50 states. It will provide a wide range of services, from flood certifications and title reports to title insurance and closings.
Conseco Finance Corp., with managed assets of $43 billion, is a subsidiary of Conseco Inc., headquartered in suburban Indianapolis.
Source: Conseco Finance Corp.