Mortgage Brain has agreed the terms to acquire point-of-sale and case management system provider, MortgageStream.
The acquisition is expected to be concluded within the next few months. The acquisition, which will be completed for an undisclosed sum, will mean that 13.4 per cent of authorised UK mortgage firms will be using either the Key, Mortgage Brain’s point-of-sale, CRM and compliance system or MortgageStream.
Mortgage Brain chief executive Mark Lofthouse says: “The forthcoming acquisition of MortgageStream represents another step in our long-term business strategy, which we’ve developed to support the UK mortgage market and enable us to continue to lead the market through product innovation and investment.
“The acquisition means that one in eight mortgage firms who are authorised to sell mortgages will be using the Key or MortgageStream.”
Mortgage Brain lost £418,000 as a result of terminating its TrigoldCrystal merger plan.
The deal was scuppered by the Office of Fair Trading over concerns that it would make Mortgage Brain too dominant.