Industry News

BridgeSpan assets bought

Bankrupt company exits title business

An affiliate of Hall Financial Group has purchased financially troubled mortgage technology company BridgeSpan through successful confirmation of a plan of reorganization. BridgeSpan and its California-based title company in January filed Chapter 11 bankruptcy. Under Hall Financial Group's leadership, BridgeSpan will focus solely on providing enterprise software that fully automates the processing of residential mortgages and related real estate services. The company will no longer be directly involved in the title insurance business or in providing ancillary mortgage services, according to Hall Financial. BridgeSpan, founded in 1998, provides a Web-based software application for the electronic processing of residential mortgages. The company's flagship product is eMortgageAxis. "We consider this a great opportunity. BridgeSpan has developed a complex application that fully automates a historically traditional but relatively unsophisticated process. It lowers origination costs at ...