FULTON, Md.--(BUSINESS WIRE)--Chrysalis Holdings, LLC, today announced it has completed the sale of its interest in LendingSpace Partners, LLC, the mortgage loan origination software solutions provider, to Lender Processing Services, Inc. (NYSE: LPS), a Fortune 1000 company and a leading provider of integrated technology, data and analytics to the mortgage and real estate industries.
“We are pleased to have completed the sale of LendingSpace, which delivered an attractive return on investment to Chrysalis Holdings’ investors,” said Paul (“Tim”) Thompson III, chairman of the board at Chrysalis Holdings. “The goal at Chrysalis Holdings is to grow successful companies into industry leaders in financial services, technology and business analytics. During the years that LendingSpace was among the key holdings at Chrysalis, we helped the company become a leading provider of mortgage loan origination technology and grow its client base to include banks, independent mortgage companies and others in the mortgage banking marketplace.”
Since 2007, LendingSpace has served as the technology provider for NewDay USA, LLC, a leading mortgage lending company in government loan originations and a key holding of Chrysalis Holdings. The two companies worked together closely in a relationship that propelled both entities into leadership positions in their respective businesses. NewDay USA will continue to use LendingSpace’s technology as the loan origination system for its retail lending and correspondent lending channels.
“LendingSpace has played a significant role in our success,” said Rob Posner, chief executive officer of Chrysalis Holdings and NewDay USA. “Over a relatively short span of time, LendingSpace’s mortgage technology solutions provided a platform that facilitated our growth as a nationwide FHA lender, helped us become a leader in VA and reverse mortgage originations, and allowed us to enter the correspondent lending channel. These technology solutions give us a strong foundation on which to grow our business in the years ahead.”
Ravi Varma, who founded LendingSpace Partners in 1999 and served as chief executive officer while the company was a member of the Chrysalis Holding family, has joined the team at Lender Processing Services, Inc.
“Chrysalis Holdings was instrumental in helping LendingSpace enhance the capabilities of our Web-enabled product suite, and deliver a robust, scalable end-to-end solution with fully integrated compliance components to our retail and correspondent lending clients,” Varma said. “The LendingSpace team is proud to have been a part of the Chrysalis Holdings’ family. We look forward to continuing to help mortgage professionals with technology solutions that make it easier to face the challenges in today’s lending environment.”
Chrysalis Holdings, LLC
Chrysalis Holdings’ family of companies produces high performing products and services within the financial services industry by combining information driven marketing, solutions based sales processes, compliance & underwriting, operational technology and strategic investor partnerships.
Chrysalis Holdings, LLC, is a premiere investment company focused on building and growing successful businesses and intellectual capital within the financial services industry, and developing companies focused on leveraging technology and data analytics to propel sales and marketing efforts to the next level. Chrysalis provides early stage capital, infrastructure development and management expertise to growth oriented companies within its target markets. Key holdings include NewDay USA, LLC, and Chrysalis Analytics, LLC.