LPS acquires PCLender to expand reach to small mortgage lenders
Lender Processing Services (LPS) acquired a Web-based mortgage loan origination system that caters to small and mid-sized lenders. Financial terms were not disclosed. LPS plans to fold PCLender into its origination technology unit and LPS Empower loan origination platform. The Delaware-based company offers a more cost-effective origination system for small mortgage companies, credit unions and community banks, according to LPS. The PCLender product suite has clients closing more than 1,000 loans a month, but the product can also support clients as small as 15 to 25 closed loans per month with a medium client closing 200 to 400 loans per month, an LPS spokewoman said. The PCLender system allows mortgage lenders to "eliminate the cost of hardware ownership and costly up "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 at LPS. "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 said its LPS Empower technology enhances consumer, retail and wholesale point-of-sale channels, provides support for Federal Housing Administration, Veterans Affairs and conventional loans, and improves a lender's funding, auditing, pricing, electronic document management and imaging, and industry-standard interfaces. Write to Jason Philyaw.