LenderLive Holdings announced on Friday that it has agreed to sell its mortgage fulfillment and secondary marketing division, LenderLive Network, to Computershare Loan Services.
The agreement marks another move into the U.S. mortgage servicing arena by Australian company Computershare, which acquired Capital Markets Cooperative and Credit Risk Solutions (formerly known as Altavera Mortgage Services) in 2016.
Rob Clements, CEO of LenderLive Holdings, which is also the parent company of LenderLive Services and the recently acquired ReQuire Holdings, explained that the decision to sell LenderLive Network stems from the company’s "long-term strategic plan to invest in and build the company's services and technology businesses while finding long-term strategic capital sources or partners for the fulfillment and secondary marketing businesses."
“Going forward, LenderLive Holdings will continue to offer a broad range of technology-enabled services though our LenderLive Services division and grow through strategic acquisitions like the recently-closed Require Holdings transaction," Clements said.
The sale is subject to regulatory approvals and is expected to close in the fourth quarter of 2018.
“We’re very excited to be bringing LenderLive Network into the Computershare family,” said Nick Oldfield, CEO of Computershare Loan Services. “The team at LenderLive Network has a strong client base, and their outstanding products and people will be a natural fit for us as we continue to build a comprehensive mortgage service offering.”
Financial terms of the deal were not disclosed.