Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced that it has acquired PCLender.com Inc., a provider of enterprise, Web-based mortgage lending solutions and a complete loan origination system (LOS). The acquisition of PCLender.com complements LPS' state-of-the-art core loan origination platform, LPS Empower, and expands the company's reach in the loan origination market.
LPS Empower will continue to target large national and regional mortgage lenders as the optimal solution for its loan origination platform. PCLender.com offers a more cost-effective solution for smaller and mid-sized mortgage companies, credit unions and community banks. Both technologies are fully-hosted ASP solutions, providing greater efficiencies, controls and security options for the mortgage lending industry.
"The acquisition of PCLender.com will accelerate our growth in the loan origination space by expanding our solutions suite to address the needs of all lenders, regardless of size," said Don Covey, managing director of Lender Processing Services' Origination Technology Solutions Division. "The addition of PCLender.com gives LPS the opportunity to support more lenders with innovative technology to streamline efficiency, reduce costs and provide even better customer service."
LPS Empower is an enterprisewide LOS that provides functionality for every facet of the origination process, including consumer, retail and wholesale point-of-sale channels; FHA, VA and Conventional product support; funding and auditing; product and pricing; electronic document management and imaging; and industry-standard interfaces. PCLender.com's fully hosted mortgage Software as a Service (SaaS) offering allows lenders to eliminate the cost of hardware ownership and costly upgrades; simplify and accelerate system implementation; and benefit from enhanced security and a centralized data repository.
"The combination of both companies' highly successful offerings enables us to jointly provide the industry's best end-to-end origination technology suite," said Cyrus Brinn, chief operating officer of PCLender.com. "We are excited about this opportunity to join forces with a well-respected origination technology provider like LPS and to offer the expanded technologies, solutions and support for which LPS is so widely known to our PCLender.com clients."