Neville, who will remain at the helm for the foreseeable future, told MPA that “over 90 companies” had shown interest in acquiring LoanLogics before Sun Capital stepped in.
He said, “It was a mix of strategic buyers – corporate buyers and financial buyers. It’s a hot place right now, things have been really good in business. “
The acquisition of LoanLogics is the culmination of the company’s continued growth recently, he said. “We have had a lot of margin increases and a lot of successful sales activity over the past three years,” he noted.
He said the deal is also an indicator of how quickly mortgage loan technology platforms have evolved, especially since the COVID-19 pandemic, reflecting a broader understanding that digital technology is becoming increasingly important in the industry.
“All over the world there is an endeavor to get rid of paper and to make the mortgage process completely digital. When you think about what’s not only happening in the US, it’s still primarily on paper, which is pretty incredible. “