Mortgage Fintechs Sales Boomerang and Mortgage Advisor merged, about six months after a Philadelphia-based private equity firm bought a majority stake in each company.
The two companies have been working on the merger for LLR Partners‘ invested in each in January. Richard Harris, former managing director of the email sending and delivery platform Spark Postwill take the helm as CEO.
A unified name has yet to be determined, and Sales Boomerang and Mortgage Coach will continue to operate as separate brands for now, the companies said. Specific terms of the agreement were not disclosed.
In January, Sam Ryder, principal at LLR Partners, cited the companies’ solutions products as the reason for the capital investment. He said lenders said they got a high return on investment from Sales Boomerang and Mortgage Coach products, and LLR felt there was a significant upside in business, even as industry margins shrink due higher rates.
The two companies’ technology solutions are already tightly integrated, and the relationship between their leaders was a bonus for LLR Partners, Ryder told HousingWire in January.
In 2016, LLR Partners led a $26.5 million investment in eOriginal, a digital platform that aims to securely digitize the secondary market borrower lending process.
What are the building blocks of digital lending?
HousingWire recently sat down with Steve Meirink, of Wolters Kluwer’s Governance, to discuss the impact of digital technology on mortgage lending and the future of digital lending in an era of accelerated innovation and digital transformation.
Presented by: Wolters Kluwer
Sales Boomerang monitors customer databases on behalf of lenders to identify when a customer is ready for a new loan. Lenders can then offer “the right loan to borrowers at the right time,” Alex Kutsishin, the former CEO of Sales Boomerang, said in January.
Mortgage Coach provides an interactive borrower education platform that allows loan officers to guide borrowers through a visual presentation of their loan options so that the LO becomes a trusted advisor, said Dave Savage, then co -founder and CEO Dave Savage of Mortgage Coach in January.
Savage currently holds the title of chief innovation officer and Kutsishin has taken on the role of visionary director, the companies said. Savage and Kutsishin will be responsible for “informing corporate strategy, delivering the corporate message and nurturing relationships with customers and partners,” the companies said Tuesday.