BLOOMINGTON, Minn. - Knutson Mortgage Corp. announced its purchase of Residential Express from GE Capital Mortgage Corp. The deal was previously reported in the American Banker.
Residential Express is a computerized loan origination system that gives lenders and affinity organizations access to loan programs and the secondary market.
"Residential Express helps financial institutions compete by offering more mortgages at competitive rates," said Ray Sims, president and chief operating officer of Knutson, in a prepared statement. Mr. Sims was previously president of Residential Express at GE Capital Mortgage.
The addition fits with Knutson's plans to expand to become a national presence by working with banks and credit unions and expanding its wholesale and correspondent operations.