Corridor Capital and Nationwide Property & Appraisal Services Acquire First Choice Appraisal Management

June 8, 2021 | Transactions

Voorhees, NJ and Los Angeles, CA – Nationwide Property & Appraisal Services, LLC (“Nationwide”), a portfolio company of Corridor Capital, completed its acquisition of First Choice Appraisal Management, Inc. (“FCAM”) in partnership with FCAM founder Jeff Richards and CEO Jim Baumberger. This acquisition is Nationwide’s fifth since Corridor’s investment in the company.

Founded in 2009, FCAM is a leading appraisal management company (“AMC”), headquartered in Portland, Oregon with an office in Phoenix, Arizona. Since its founding, FCAM has built a strong presence and reputation in the Pacific Northwest on the back of its values: placing customers first; service before self; respect; inclusiveness; quality; integrity; and compliance—values which Nationwide shares. In the 12 years since its founding, FCAM has strived to become the best AMC in the Pacific Northwest by delivering high quality valuation services – complemented by prompt service, competitive pricing, and active communication – in a compliant manner that mitigates risk and facilitates sound lending decisions for clients.

With the addition of FCAM, Nationwide further cements its position as a leading national AMC, managing more than 250,000 appraisals annually for a diverse base of wholesale and retail mortgage lenders, regional and national banks, credit unions, government-sponsored enterprises, mortgage servicers and title insurers. Since Corridor’s investment in Nationwide in 2016, the company has grown organically and through acquiring and integrating five highly strategic and complementary AMCs throughout the U.S. Through these acquisitions, Nationwide is one of the very few independent AMCs that can offer national scale with high touch, local service, supported by an efficient and intuitive technology suite and a platform for superior quality, compliance and service offerings.

“We are excited to partner with Jim, Jeff, and the entire FCAM team to collaboratively build on FCAM’s commitment to quality and service and its leadership position in the Pacific Northwest. FCAM has built an incredible reputation with its clients as a result of its high-touch, high-quality service model and commitment to compliance. We are thrilled to support the FCAM team in continuing to deliver excellent service to its existing clients, building relationships with new clients, and expanding the scope of FCAM’s relationships to new markets while maintaining the commitment to service and quality that FCAM’s clients have come to expect,” said Sri Velamati, CEO of Nationwide.

“We believe the addition of FCAM to the Nationwide family will be great for our clients, appraisers, and employees,” added Craig Enenstein, Corridor CEO. “The culture that Jeff and Jim have built at FCAM is a perfect fit for Nationwide’s growth- and service-oriented model that Nationwide’s clients, partners, and staff value so highly. We look forward to working with the entire FCAM team to continue building the combined company into the largest independent valuation management and property services firm in the U.S., while still serving clients and appraisers as a truly local partner.”

About Nationwide Property & Appraisal Services
Nationwide, headquartered in Voorhees, NJ, is a national appraisal management and valuation services company, licensed in all states, actively supporting the valuation needs of mortgage lenders, servicers, and related real estate services companies throughout the U.S. The company was the first licensed, independent AMC following the financial crisis and its commitment to maintaining the highest standards of compliance, service and appraiser quality has enabled it to become the preferred partner for more than 20,000 loan officers, 400 different lending institutions and 12,000 of the most skilled independent appraisers throughout the United States.

View Los Angeles Business Journal article here.