SimpleNexus is expanding its client roster and the capabilities of its homeownership platform for loan officers, borrowers, and real estate agents by making its first acquisition — Macon, Georgia-based software developer LBA Ware.
LBA Ware’s products include CompenSafe, which simplifies loan officer compensation, and LimeGear, a business intelligence and performance management platform that lets lenders track loans through the pipeline and monitor production at the loan and employee level.
LBA Ware CEO Lori Brewer, who founded the company in 2008, will join SimpleNexus as executive vice president and general manager, which will have 325 employees and 425 lender customers when the deal closes later this month. Terms of the deal were not disclosed.
“Bringing LBA Ware into the SimpleNexus homeownership platform gives mortgage lenders an unprecedented array of competitive advantages across borrower engagement, loan origination and closing as well as operations and business intelligence,” SimpleNexus CEO Cathleen Schreiner Gates said in a statement. “This is an exciting moment for SimpleNexus. We welcome our new colleagues, who share our passion for helping lenders excel in their markets.”
SimpleNexus products include Nexus Engagement, a sharable cobranded mobile app for real estate agents, homebuyers and loan officers that enables “a more personal and transparent partner referral strategy.”
Once homebuyers are ready to apply for a loan, Nexus Origination streamlines the process, allowing them to navigate the application process and upload documents with a single log-in. Real estate agents get visibility into loan status and milestone updates.
To streamline collaboration during the closing process, Nexus Closing provides full loan origination system integration and a choice of traditional, hybrid or fully digital closings.
Before announcing its acquisition of LBA Ware, Lehi, Utah-based SimpleNexus said it had onboarded more than 66 new enterprise customers this year, with more than 41,000 active loan originators using the platform at the beginning of October, up 48 percent from Jan. 1.
SimpleNexus says its platform has been used by more than 5.8 million borrowers and 141,000 real estate partners, helping facilitate more than $419 billion in loans this year to date.