""Lending Processing Services, Inc."":http://www.lpsvcs.com/Pages/default.aspx, (LPS) announced today that it has acquired LendingSpace, a provider of mortgage loan origination software solutions.[IMAGE]
The LendingSpace technology platform is expected to boost LPS' origination technology solutions, including Empower and PCLender, programs used by mortgage lenders, credit unions, and community banks.
""The addition of LendingSpace's robust capabilities expands the number of innovative origination solutions we offer lenders,"" said[COLUMN_BREAK]
Jerry Halbrook, senior managing director of LPS Origination of 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,"" he added.
The LendingSpace product suite features a lending platform that includes full web-enabled capabilities to enhance collaboration between retail originators and their lending partners.
It also features lead management and reverse mortgage product capabilities, as well as third-party vendor integrations.
All LPS origination systems, including the LendingSpace suite, will incorporate LPS' Loan Quality Gateway to help originators with their loan quality requirements.
""LPS is deeply respected throughout the mortgage industry for its highly successful technology and expertise,"" said Ravi Varma, CEO 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.