Lender Processing Services Inc., a provider of integrated technology, data and analytics to the mortgage and real estate industries, 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, 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 in late July.