Milliman buys Blue Water MSR valuation, hedging unit from Apex Analytics

Consulting firm Milliman has acquired Blue Water mortgage servicing rights (MSR) valuation and hedging services from Apex Analytics Corp., adding another platform less than a year after buying MorVest Capital to expand its capabilities in the space.

The transaction, announced Monday, folds Blue Water’s hedge analytics, trading platform and quantitative team into Milliman’s mortgage solutions practice. Financial terms were not disclosed.

“Blue Water’s sophistication in MSR hedge analytics is an excellent complement to our deep mortgage advisory expertise,” Brett Ludden, managing director and head of mortgage solutions at Milliman, said in a statement. “The addition of Blue Water’s trading and quantitative analytics professionals further strengthens our growing mortgage solutions practice and enhances the value we deliver to our clients.”

The acquisition is intended to expand Milliman’s MSR advisory and risk-management work, according to the company announcement. For Apex Analytics, formerly Voxtur Analytics, the divestiture supports its plan to concentrate investment on its core property intelligence and assessment technology business.

“By streamlining our portfolio, we can accelerate innovation in assessment software, artificial intelligence, data analytics and workflow automation, reinforcing our commitment to becoming a trusted technology leader serving assessors, government agencies and public-sector property assessment teams,” CEO Ryan Marshall said in the announcement.

Apex said the sale aligns its capital with higher-growth opportunities in mass appraisal systems, geospatial tools and AI-enabled assessment platforms, while moving the Blue Water MSR business to a firm whose priorities are more closely tied to mortgage servicing risk.

In December 2025, Milliman bought Dallas-based MorVest Capital, a provider of MSR analytics and advisory services. That deal expanded Milliman’s services to include MSR valuation, financing, hedging and brokering.

The Blue Water acquisition builds on that strategy. Milliman said the Blue Water hedging platform will be combined with its mortgage behavior modeling, quantitative analytics, hedging strategies, software development and data science capabilities.

Milliman, founded in 1947, is an actuarial and consulting firm. Its mortgage solutions unit works with originators, servicers and capital providers on financial risk management and mortgage market strategy. In addition to its recent M&A activity, Milliman in 2025 expanded further into residential mortgages by hiring Ludden and Jeff Juliane to lead its mortgage push.

This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.