Chrysalis Holdings, today announced it has sold its interest in mortgage software provider LendingSpace Partners to Lender Processing Services (NYSE: LPS). Since 2007, LendingSpace has served as the technology provider for New Day USA, a mortgage lending company including reverse mortgages, and a key holding of Chrysalis Holdings.
NewDay will continue to use LendingSpace technology for its retail and correspondent lending channels.
“We are pleased to have completed the sale of LendingSpace, which delivered an attractive return on investment to Chrysalis Holdings’ investors,” said Paul “Tim” Thompson III, chairman of the board at Chrysalis Holdings. “The goal at Chrysalis Holdings is to grow successful companies into industry leaders in financial services, technology and business analytics. During the years that LendingSpace was among the key holdings at Chrysalis, we helped the company become a leading provider of mortgage loan origination technology and grow its client base to include banks, independent mortgage companies and others in the mortgage banking marketplace.”
The technology was instrumental in the growth of NewDay’s lending platforms in the VA and reverse mortgage space, the company says.
“LendingSpace has played a significant role in our success,” said Rob Posner, chief executive officer of Chrysalis Holdings and NewDay USA. “Over a relatively short span of time, LendingSpace’s mortgage technology solutions provided a platform that facilitated our growth as a nationwide FHA lender, helped us become a leader in VA and reverse mortgage originations, and allowed us to enter the correspondent lending channel.”
Written by Elizabeth Ecker