Apex Sheds MSR Unit, Signals More M&A Ahead
National Mortgage News: CEO Ryan Marshall says the Blue Water MSR sale sharpens Apex Analytics’ focus on valuation technology — and more acquisitions could follow.
In an interview with National Mortgage News, Apex Analytics CEO Ryan Marshall said the sale of the Blue Water mortgage servicing rights valuation business to Milliman was a major step in pointing the company toward its future.
Apex Analytics is the rebranded name for Voxtur Analytics following its acquisition by Hale Capital Management. The MSR valuation and hedging unit sale closed in July.
“Voxtur was trying to be everything for everyone, and they weren’t good at one thing,” Marshall said. “It has been really the vision to become the best at something, and that something is valuation technology.”/p>
Marshall said cleaning up what Apex does, and how it performs those tasks, has been the company’s mission over the past six to seven months. The servicing business was not in alignment with the company’s focus on valuation technology. Alongside the remaining Blue Water business, the parent company includes Apex Appraisal Solutions, Anow, and MTE.
“We’re proud of where we came from, at the same time, we wanted a fresh start,” he said. “The value of what Voxtur brought to the market is completely different to what we bring to the market today and what we’re committed to today.”
Marshall also signaled that acquisitions may be part of the road ahead: “There are elements that we are carefully considering, which is heavily investing into new technologies. If that’s by way of acquisitions specifically in the industries in the space that we’re driving towards, then don’t be surprised if you start to see some of those announcements here in the near future as well.”
On UAD 3.6, with Fannie Mae and Freddie Mac requiring all new appraisal submissions in the new standard beginning Nov. 2, Marshall said Apex is ready for the transition: “We have technology that I think is going to revolutionize what the industry looks like, and we’ve been working hard on it now for about six months.” He described the offering as complementary and form-writer agnostic — “like Switzerland” — built to help the broader ecosystem rather than compete with it.
Reporting by Brad Finkelstein, Originations Editor, National Mortgage News. Published August 24, 2026..