Aklero Risk Analytics Inc. and NYLX have announced that the companies have signed an agreement to merge. The combined entity, LoanLogics, launches as a recognized leader in performance and loan quality analytics. The company has 450 clients and more than 20,000 users and offers proven technology, compliance and risk expertise, and strong industry leadership to improve the transparency and reliability of loan assets through life of the loan. Howard H. Conyack, founder and CEO of NYLX, will serve as chairman and founder of LoanLogics. Brian K. Fitzpatrick, CEO of Aklero, will serve as president and CEO of LoanLogics.
"Both NYLX and Aklero have had a vision to truly address the need for better quality loan data and greater transparency and reliability of loan assets through the life of the loan," said Conyack. "Independently, we were making progress, but together we will have the talent and technology to achieve this goal more quickly and with greater impact."
LoanLogics has created the mortgage industry’s first Enterprise Loan Quality and Performance Analytics Platform that enables lenders, investors, servicers and counterparties to improve loan quality, validate compliance, improve profitability, and manage risk, during origination, sale and servicing of loan assets. LoanLogics management team is comprised of senior managers from Aklero and NYLX as well as some new industry recruits.
“The merger of Aklero and NYLX enables clients to benefit and gain the advantages of a seamless solution that reduces risk and formally tracks and reports on loan quality and performance metrics at various stages of the life of the loan," said said Fitzpatrick. "LoanLogics’ mission is to bring our customers to greater stability and strength through advanced technology and services that support verification, audit and measurement of loan quality."