GHR Systems Inc. has bought Loansoft Inc., a Berkeley, Calif., developer of loan origination, processing, and closing technology.
Terms of the deal, which was announced Monday, were not disclosed.
Four of the top 10 U.S. residential mortgage lenders use the technology: Chase Manhattan Mortgage, GMAC Mortgage, National City Mortgage, and Washington Mutual Inc.
GHR, of Wayne, Pa., said the purchase boosts its client base to 70 lenders, 17,000 loan officers, and 25,000 brokers. It now has 300 employees.
It also sells loan origination and processing technology. Loansoft's recently released Web-based processing and closing system will significantly expand its product lines, said Cy Brinn, GHR's president, in a press release.
The acquisition will also help GHR provide a start-to-finish technology platform for the mortgage business, something other technology companies have failed to do, Mr. Brinn said in an interview Thursday.
"Most of them haven't proven very fruitful," he said.
