Mortgage Brain has agreed the terms to acquire point-of-sale and case management system provider, MortgageStream, for an undisclosed sum.
The parties say the acquisition, which is expected to be concluded within the next few months, will mean that MortgageStream’s customers will now have direct access to multiple product channels including mortgage sourcing, e-trading, website provision plus a wide range of business partners offering cross sales opportunities.
Mortgage Brain says the move will mean that 13.4% of authorised UK mortgage firms will be using either the Key, Mortgage Brain’s point-of-sale, CRM and compliance system or MortgageStream.
In March Mortgage Brain decided not to attempt to progress with its proposed acquisition of TrigoldCrystal, following the OFT’s decision to refer the purchase to the Competition Commission.
Mark Lofthouse, CEO of Mortgage Brain, said: “The forthcoming acquisition of MortgageStream represents another step in our long-term business strategy