LoanLogics announced that it has raised $11.2 million dollars in funding from Volition Capital and existing investors.
Volition Capital, a Boston-based growth equity firm focused on high growth, market leading technology companies, invested $10 million in LoanLogics. “Loan quality management technology is critical to provide data transparency and meet the increased regulatory requirements following the mortgage crisis” said Roger Hurwitz, managing partner of Volition Capital. “LoanLogics has the right vision and management team to provide the much needed innovation needed to better control costs and manage underwriting risk.” Hurwitz has joined the board of directors.
“The infusion of growth capital will help further our national expansion and enhancements to our Enterprise Loan Quality Management System, addressing quality from when the loan is priced all the way through its lifecycle to the loan payoff,” said Brian K. Fitzpatrick, president and CEO of LoanLogics. “The industry is desperate for automation that reduces the costs and increases the benefits of loan quality management. This investment will help us accelerate our growth and broaden our customer base in this important market.”
Lenders have turned to LoanLogics’ capabilities to improve the efficiency of their loan processing and to work smarter, thereby increasing the number of loans they can process per person per day, driving cost savings and improvements in loan quality management.
“Our technology is already without peer in the mortgage business and with the investment that we received from Volition, we are committed to expediting new product features and functionality to help our customers stay ahead of change being driven by the dynamic regulatory environment,” said Fitzpatrick. “With our commitment, experience, and depth of talent, we are well positioned to make that happen.”