Rumors have circulated back since before the MBA Technology Show that LOS Mortgage Builder has been for sale. I heard those rumors personally, but have held back reporting until they become fact. As we all know, acquisitions can fall apart. Today I can report that Altisource has announced its intent to buy Mortgage Builder. Here’s why:
With this deal Altisource will further diversify its customer base by providing software solutions to leading mortgage banks, credit unions and financial institutions in the United States. Altisource recently also acquired Equator. The acquisition is expected to close within 30 days and is subject to customary closing conditions. No sale price was disclosed.
William B. Shepro, Chief Executive Officer of Altisource said in a prepared statement, “The addition of Mortgage Builder’s loan origination, servicing and electronic document management software enhances Altisource’s current portfolio which provides customers with one of the most comprehensive real estate and mortgage lifecycle management platforms and services marketplaces available. Mortgage Builder will join the Altisource family of businesses and operate within our Technology Services segment. Together, we will continue to develop innovative technology solutions that meet the evolving needs of the real estate and mortgage marketplaces.”
Keven M. Smith, Chief Executive Officer of Mortgage Builder said in a prepared statement, “Mortgage Builder and Altisource share a commitment to delivering a modern technology platform that enhances compliance while improving loan processing efficiency in both the retail and wholesale production channels. Joining Altisource will enable us to combine forces toward the common vision of developing the industry’s most advanced and effective real estate and mortgage lifecycle management platform and marketplace. Going forward, our customers and partners will continue to experience the same dedication to innovation and customer support that they have come to expect from Mortgage Builder, enhanced by Altisource’s financial strength, stability and global resources.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.