Comergence is an SaaS mortgage technology business, and its network-based solutions allow mortgage investors to perform due diligence and ongoing monitoring of their third-party originators (TPOs). Comergence's software enables mortgage investors to review and monitor the licensing, compliance and risk profile of virtually all 18,500 TPOs operating in the market today. These capabilities enhance Optimal Blue's network for both investors and originators, as originators can more easily connect to investors, and investors can more efficiently and accurately monitor the compliance status of their TPO networks.
"We are excited about enhancing the capabilities we offer both sides of our network by adding Comergence's TPO on-boarding and automated compliance monitoring to Optimal Blue's solutions," said Michael Hollander, GTCR principal and Optimal Blue board member.
The purchase of Comergence represents Optimal Blue's first acquisition since GTCR partnered with CEO Scott Happ in June 2016. The acquisition is consistent with the company's strategy to expand its network software services by deepening functionality for originators and investors and improving information flow, compliance functionality and transactional capabilities.
The founders of Comergence, Greg Schroeder and Michael Stallings, will be joining Optimal Blue, along with the entire Comergence team.
"Optimal Blue and Comergence are well aligned around our principal mission of facilitating transactions between buyers and seller of loans," said Happ. "We are very pleased that Greg, Michael, and the entire Comergence team will be joining Optimal Blue to help us execute our shared growth plans."