Mortgage servicer, Computershare Loan Services (CLS), has announced its intent to acquire American company, LenderLive Network, LLC, a leading fulfillment and secondary market service provider in the U.S. mortgage industry. Founded in 1999, LenderLive Network (LLN) has offices in the Denver, Los Angeles and Jacksonville, Florida, areas.
This acquisition, which is subject to regulatory approvals, will further strengthen Computershare’s growth in the U.S. mortgage services market, adding scale to our existing fulfillment and secondary market services provided by Capital Markets Cooperative and Credit Risk Solutions (formerly Altavera) and providing an additional source of new servicing volume.
LLN’s private-label fulfillment team brings decades of experience to its clients, including financial institutions of all sizes. Their secondary market services will further enhance CLS’s ability to work with both government-sponsored and private market investors.
Nick Oldfield, CEO of Computershare Loan Services said “We’re very excited to be bringing these LenderLive services into the Computershare family. The team at LenderLive Network has a strong client base, and their outstanding products and people will be a natural fit for us as we continue to build a comprehensive mortgage service offering.”
LLN’s fulfillment and secondary market teams are made up of about 480 employees, all of whom are expected to join CLS’s U.S. staff of nearly 1,500 following the anticipated close of the acquisition in around four months.
John Surface, president and chief operating officer of LenderLive Holdings, added, “We believe LenderLive Network fits naturally into Computershare’s strategy of growing its end-to-end mortgage businesses and the combined company will have greater scale and market opportunity.”
The regulatory approval process is expected to take about four months. LenderLive Holdings, the parent company of LLN, LenderLive Services and reQuire will not be part of this transaction.