LPS Buys Tech Vendor PCLender, Hopes to Expand Market Reach
Mortgage technology vendor Lender Processing Services on Friday announced that it bought PCLender.com, a top 50 provider of enterprise and Web-based mortgage software, including LOS systems.
No purchase price was disclosed.
In a statement, the publicly traded LPS said the acquisition complements its own core loan origination platform, LPS Empower, and expands the company's reach into the loan origination market.
LPS said its Empower product "will continue to target large national and regional mortgage lenders as the optimal solution for its loan origination platform. PCLender.com offers a more cost-effective solution for smaller and mid-sized mortgage companies, credit unions and community banks."
Both technologies are fully-hosted ASP solutions. "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, LPS Origination Technology Solutions Division.