Mortgage Builder has agreed to acquire GCC Servicing Systems, a loan servicing software provider that shares 35 years of history with its new owner. GCC is the creator of G/Serv, a mortgage servicing software popular with mid-tier lenders, community banks, credit unions and mortgage companies, a market sector also well-served by Mortgage Builder. The teaming of the two technologies comes at a time when many lenders are retaining servicing rights and responsibilities rather than using subservicers and selling loans on a servicing released basis.
“More lenders need servicing software now than at any time in recent history,” said Keven Smith, Mortgage Builder’s president and chief executive officer. “With the acquisition of GCC, Mortgage Builder now offers a complete lending system that empowers lenders to control all aspects of the process. And with their common DNA, the platforms work extremely well together, making it far simpler for lenders to make smooth transitions into loan servicing.”
The GCC staff will join Mortgage Builder and GCC will operate as a separate division with Jeff Augenstein, vice president of GCC, responsible for the day-to-day operations.
GCC Servicing Systems was founded in 1977 as Glenn Computer Corporation by Glenn Liebowitz in Southfield, Mich. as a mortgage servicing, loan origination, and accounting service bureau. The loan origination product was spun off in 1998 to become Mortgage Builder Software. G/Serv brings Mortgage Builder a comprehensive loan servicing platform that automates all servicing administration functions, along with default management and full reporting capabilities. Like Mortgage Builder, G/Serv has evolved greatly since it was first released, and is now designed for Software as a Service (SaaS) delivery for fast, cost-effective implementation, and is hosted in a SAS-70 Type II/ SSAE-16 Type II compliant data center.
“This acquisition puts Mortgage Builder into a unique class of technology providers,” said Kelli Himebaugh, corporate vice president of Mortgage Builder. “As a nimble, independent company, we are well accustomed to working with regional and mid-tier lenders” she says. “We can now bring our highly personalized approach to lenders choosing to become servicers to maximize returns and improve borrower service levels. A new era is dawning for the mortgage industry and with the addition of GCC, we are able to provide a full range of exceptional technologies for America’s lenders.”