Mortgage technology firm Lender Processing Services (LPS) acquired Fulton, Md.-based loan origination software provider LendingSpace.
LPS says the technology firm will add to LPS' origination technology offerings. To date, LPS already has Empower, a platform used by mortgage lenders, as well as PCLender.
"The addition of LendingSpace's robust capabilities expands the number of innovative origination solutions we offer lenders," said Jerry Halbrook, LPS' senior managing director of LPS Origination Technology Solutions. "We evaluated a number of lending platforms and LendingSpace provided the best product features with the necessary scalability to expand our product suite. More importantly, LPS and LendingSpace share a common commitment to excellence, integrity and customer dedication."
The acquisition is scheduled to be finalized by the end of July.
LendingSpace's product line comes with a correspondent lending platform as well as a Web-enabled system that increases collaboration between retail originators and their correspondent lending partners.