Mortgage technology company LoanLogics has raised $11.2 million in funding from Boston-based growth equity firm Volition Capital and existing investors.
The Fort Washington, Pa.-based company plans to use the funds grow its customer base and add new features to its enterprise loan quality and performance analytics platform, which the company claims allows lenders to improve loan processing efficiency throughout a loan’s lifecycle and to reduce costs by boosting the number of loans they can process per person per day.
“The industry is desperate for automation that reduces the costs and increases the benefits of loan quality management. This investment will help us accelerate our growth and broaden our customer base in this important market,” said Brian K. Fitzpatrick, president and CEO of LoanLogics, in a statement.
Volition Capital provided the bulk of the funding announced today, $10 million. Roger Hurwitz, managing partner of Volition Capital, has joined LoanLogics’ board of directors.
“Loan quality management technology is critical to provide data transparency and meet the increased regulatory requirements following the mortgage crisis,” Hurwitz said in a statement.
“LoanLogics has the right vision and management team to provide the much-needed innovation needed to better control costs and manage underwriting risk.”
Editor’s note: A previous version of this story erroneously referred to LoanLogics as a startup. LoanLogics was formed in May through the merger of NYLX and Aklero Risk Analytics.