Lender Processing Services, a publicly traded, Jacksonville, Fla.-based data and analytics company that’s focused on the mortgage and real estate industries, has acquired LendingSpace, a Fulton, Md.-based maker of mortgage loan origination software. The purchase price was not disclosed.
Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced its acquisition of LendingSpace, a provider of mortgage loan origination software solutions.
The LendingSpace technology platform will augment LPS’ other origination technology solutions, which include Empower®, a platform used by mortgage lenders with complex system configuration and customization needs; and PCLender®, which is used by mortgage lenders, credit unions and community banks that leverage more standardized technologies.
“The addition of LendingSpace’s robust capabilities expands the number of innovative origination solutions we offer lenders,” said Jerry Halbrook, LPS’ senior managing director of LPS Origination Technology Solutions. “We evaluated a number of lending platforms and LendingSpace provided the best product features with the necessary scalability to expand our product suite. More importantly, LPS and LendingSpace share a common commitment to excellence, integrity and customer dedication.”
The LendingSpace product suite features a correspondent lending platform including full Web-enabled capabilities to enhance collaboration between retail originators and their correspondent lending partners. These capabilities include loan registration, data and document integration, status, condition management, funding and secondary market and investor delivery capabilities, which are critical to the success of correspondent lenders. The LendingSpace product suite also features robust lead management capabilities, reverse mortgage product capabilities and extensive third-party vendor integrations. All LPS origination systems, including the LendingSpace product suite, will also incorporate LPS’ Loan Quality Gateway to assist originators with their loan quality requirements.
“LPS is deeply respected throughout the mortgage industry for its highly successful technology and expertise,” said Ravi Varma, chief executive officer of LendingSpace. “By combining the strengths of LendingSpace and LPS, we can better help mortgage professionals meet the complex challenges of today’s lending environment.”
The acquisition is scheduled to close later this month.
About Lender Processing Services Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS’ servicing solutions include MSP, the industry’s leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries.
LPS is headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. The company is ranked on the Fortune 1000 as the 877th largest American company in 2012. For more information, please visit www.lpsvcs.com.