Vancouver-based Lendesk Technologies added a new property to its growing portfolio this week with the acquisition of LenderSpotlight.
The “marriage” between the two companies will give brokers using Lendesk’s point-of-sale system access to real-time, tailored product recommendations based on client applications, Lendesk CEO Alex Conconi told CMT.
“By performing the search based on the application itself, we will be able to provide real-time results based off the application that is being entered,” he said. “Lendesk’s mission is to digitize and streamline the mortgage origination process in Canada, for the benefit of brokers, lenders and their mutual customers.”
LenderSpotlight’s platform currently boasts more than 7,000 users and 55+ mortgage lenders, from banks to credit unions to alternate lenders.
Conconi said LenderSpotlight CEO Jason Henneberry and his team “had built a really amazing product,” calling it “the leading PPE (product and pricing engine) in Canada.”
“The enhanced technology and access to an ever-growing portfolio of mortgage resources that LenderSpotlight offers will empower brokers across Canada with the ability to match applicants with the rates and products that are best suited to them and their financial needs at the current moment,” he said.
The forthcoming integration into Lendesk’s native mobile apps will also provide access to lender rates and products on the go, with additional features to be rolled out “soon,” Conconi added.
The acquisition comes just months after Rock Holdings Inc., the parent of U.S. mega-lender Quicken Loans, acquired a majority stake in Lendesk.
“We’re in the process of completing the integrations now and are aiming to have the first wave features available this fall, in time for the National Mortgage Conference later this year,” he said.