A company that provides loan origination system technology to mid-tier lenders is acquiring the same company that it was once owned by.
LOS-provider Mortgage Builder announced Tuesday an agreement to acquire GCC Servicing Systems.
GCC’s G/Serv is a mortgage servicing software that is popular with mid-tier lenders, community banks and credit unions, according to the statement.
Mortgage Builder said it serves the same group of clients.
With the acquisition, the Southfield, Mich., company hopes to capitalize on the trend of lenders retaining servicing rights.
The combined company will be in competition with Mortgage Daily advertiser Fiserv, which provides the EasyLender Mortgage LOS and the LoanServ servicing platform.
GCC will operate as a separate division led by Mortgage Builder Vice President Jeff Augenstein.
The relationship between the two firms is not new.
Mortgage Builder was part of GCC when it was founded by Glenn Liebowitz in 1977 until being spun off in 1998.
Mortgage Builder claims to be the first LOS to provide its offering in the software-as-a-service format.
