LenderLive Services has acquired mortgage loan underwriting and due diligence technology developer reQuire from private equity firm L2 Capital Partners.
Virginia-based reQuire is a compliance-focused release tracking and reporting platform for the real estate industry. Some of the services offered by the company include lien release tracking, title search and reporting services, residential and commercial mortgage loan underwriting, due diligence, quality assurance, asset valuation and business process management technology solutions.
L2 Capital initially invested in to reQuire in 2014 for an undisclosed amount. Since then, the firm helped the copmany make up to three add-on acquisitions, most recently being the purchase of Service 1st Valuation and Settlement Services.
LenderLive provides financial companies with technology to improve efficiencies, reduce errors, and mitigate compliance risks. The company offers solutions for mortgages, settlements, document processing and compliance requirements. Its mortgage solutions help to balance a business by implementing services to handle compliant loan processing, underwriting and closing.
Its Customized Compliance Solutions monitors and reports on legislative and regulatory changes and provides template Libraries with standardized sets of federal and state borrower notices, on-going template updates, or compliance reviews of notices. Its It compliance solutions can be customised or bundled with document fulfillment services to provide complete and flexible choices.
Through the acquisition, reQuire’s products will support LenderLive’s document and settlement services.
LenderLive president and COO John Surface said, “The acquisition of reQuire strengthens our current franchise and solidifies LenderLive’s position as a leading provider of financial and compliance services. The transaction deepens our management team and gives us a broad set of adjacent products that significantly expand our ability to serve our clients.”
Evercore served as the financial advisor to LenderLive, and Ballard Spahr acted as legal counsel to the company.
LenderLive is portfolio company of Aquiline Capital Partners, which initially invested in the company for an undisclosed amount in 2014.
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