EDS has acquired Lakewood Corp., a mortgage-processing software company in Greenfield, N.H.
Lakewood develops and licenses systems for financial institutions that originate loans for sale into the secondary market. The company's main product is a software package that runs on computers ranging from laptops to large-scale system servers.
The software handles prequalification of borrowers, originations, registration, processing, underwriting, closing, and secondary marketing, according to the EDS announcement.
John Meyer, president of EDS' capital services business unit, said the Lakewood acquisition rounded out his company's offerings of secondary marketing and servicing systems for mortgage lenders.
"We believe that for mortgage bankers to retain and grow their market share, they need to dramatically change the way they do business, beginning with originations," he said.
The Lakewood package would help mortgage bankers "to do what they've talked about for years: bring the origination process closer to the consumer."
EDS will offer jobs to all Lakewood personnel, he said. Lakewood will be merged into the EDS mortgage operation but its software development will remain in New Hampshire temporarily, Mr. Meyer said.