Strengthening its position in the mortgage automation market, Servantis Systems Inc. has acquired MLN Enterprises Inc., a privately held software firm based in Boca Raton, Fla.
Financial terms of the transaction were not disclosed.
Included in the acquisition is MLN's Mortgage Express, a Windows-based mortgage origination system, and Marketer Pro, a mortgage marketing package.
Both products will become part of Servantis' financial products division, which markets and services an extensive line of mortgage loan software.
Servantis will also obtain MLN's client base of 130 customers.
The acquisition will allow Norcross, Ga.-based Servantis, strong in the midsize and large-bank loan origination arena, to address the small-bank segment for the first time, said Robert Lewis, president of Servantis financial products division.
"This acquisition demonstrates Servantis' continuing commitment to the mortgage industry," he said. "By adding a Windows-based solution to our mortgage line, we can better address the spectrum of needs of our origination customers."
The MLN software will appeal to small banks, since it's easy to use, and does not require the large installation and customization process necessary to run Servantis' present line of loan software, Mr. Lewis said.
The MLN origination system, to be renamed Servantis Express, offers an entire operating and management system for loan origination, including initiating loan applications, printing estimates and verification, generating correspondence to customers and real estate agents, and management functions. There are also additional applications specifically designed for marketing and prequalification.
The president and owner of MLN, Marco Napoli, is moving to Atlanta to become assistant vice president in Servantis' financial products division.
Further enhancing its mortgage line, Servantis announced separately that it has formed a business alliance with Phoenix-based Syntellect Inc., an international supplier of automated telephone systems.
As part of the agreement, Servantis will promote Syntellect's MortgageWorks automated telephone system to be used with Servantis' LSAMS, a loan servicing, accounting, and management system used by 83 financial institutions.
LSAMS operates on midrange computers from International Business Machines Corp. and automates payment processing, escrow management, accounting, and cash management.