, a mortgage software firm in San Jose, Calif., has acquired Loan-Score Decisioning Systems
"This is a historic move for Calyx Software; a very significant and strategic move to better serve our customers and further our presence in the lending industry,” said Doug Chang, president of Calyx Software.
With the acquisition, Calyx and Irvine, Calif.-based Loan-Score will continue to operate as separate companies. Calyx purchased all of Loan-Score's assets and business. Calyx will be adding staff in the next several months to accommodate the business of both firms, it said, but for now Loan-Score will continue to operate without any changes to its personnel. Financial terms of the deal were not disclosed.
Loan-Score originally integrated with Calyx's Point platform in September to provide mutual customers added efficiencies and cost-saving opportunities. With the acquisition of Loan-Score, the Calyx platform now offers a product and pricing engine, an automated underwriting system, a portfolio analysis engine, channel focused point-of-sale Web portals, and a comprehensive library of investor guidelines and pricing, among other services.
Calyx Point is a loan origination software platform used by credit unions, mortgage bankers and brokers. Loan-Score serves small, medium and large production and servicing organizations with its software suite.
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