Lender Processing Services will acquire mortgage origination technology developer LendingSpace in a deal expected to close later this month.
Jacksonville, Fla.-based LPS said 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.”
LPS said the LendingSpace technology platform will augment its two existing LOS platforms. A spokesperson confirmed to Mortgage Technology that LPS intends to continue to operate LendingSpace as a standalone offering, giving the origination and servicing vendor three distinct LOS products.
Financial terms of the deal were not disclosed. The acquisition of Fulton, Md.-based LendingSpace comes
“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, in a press statement.
“We evaluated a number of lending platforms and LendingSpace provided the best product features with the necessary scalability to expand our product suite,” Halbrook added.
The acquisition also provides LPS another venue to promote services and products available through RealEC, a Houston-based subsidiary that develops a communication medium and delivery channel of third-party underwriting services for originators. LPS said it will integrate RealEC’s Loan Quality Gateway into the LendingSpace product suite.
Using the Loan Quality Gateway, underwriting and compliance products that lenders order from various third-party providers are
The deal comes just two weeks after