Jacksonville, Florida-basically based totally Solar Capital Partners Inc. announced the acquisition of LoanLogics, a digital mortgage alternate choices supplier and fellow Jacksonville-basically based totally firm.
Phrases of the inner most transaction had been now not disclosed.
The LoanLogics platform presents abilities automation for mortgage doc processing and data-driven audit machine that improves effectivity, enhances transparency, streamlines commerce, and reduces possibility.
“Solar Capital is extremely elated that LoanLogics is our second abilities platform funding after formalizing our abilities vertical,” Marc Leder, Solar Capital co-chief government officer, said in a statement. “Inefficiencies in data and workflow are using rising mortgage market bills, and LoanLogics helps solve this enterprise ache.”
Invoice Neville, LoanLogics CEO, said essentially the most smartly-liked mortgage abilities market has an estimated payment of bigger than $10 billion.
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“The toughen and sources Solar Capital is ready to offering to corporations like ours will enable LoanLogics to continue to originate certain quality efficiency for our prospects, enhance our operations and most effective help the all of a sudden modernizing mortgage abilities market,” Neville said.
Since 1995, inner most equity agency Solar Capital has invested in bigger than 425 corporations worldwide with revenues in design over $50 billion. It has places of work in Boca Raton, Florida, Los Angeles and New York.
LoanLogics became as soon as basically based in 2005. Two explicit areas LoanLogics all for in 2020 included a modern on-attach a matter to doc processing abilities (IDEA OnDemand) and elevated automation for HMDA reporting and the generation of LARs, which allow lenders to automate bigger than 90% of their HMDA overview tasks.
The firm says it nearly doubled processing of loans month-to-month in 2020, at the side of more automation for prospects. It also reported a 40% elevate in earnings from 2019 to 2020.