subject: MB confirms that the TrigoldCrystal acquisition is not progressing [print this page] MB confirms that the TrigoldCrystal acquisition is not progressing
Mortgage Brain, the market leading mortgage technology solutions provider, has
confirmed that it won't be progressing with the proposed acquisition of
TrigoldCrystal.
Following a three month review process, The Office for Fair Trading (OFT) announced last Thursday (March 17, 2011) that it has referred the proposed acquisition to the Competition Commission, which will carry out a further investigation and make its report by September 1, 2011.
Mark Lofthouse, CEO ofwould have brought massive benefits for the provision of technology to the intermediary mortgage market. However, we don't feel it is in the best interests of everyone involved to progress.
"Referral cases like these are designed for large companies and we feel our time andresources will be better served continuing to invest in delivering the best products and services to intermediaries.
"During the market downturn mortgage brain continues to support brokers by delivering new and enhanced products by re-investing 40% of its annual revenue into product development in 2010 the company launched a brand new sourcing system, all new Mortgage Brain,as well as an innovative consumers facing sourcing system, Mortgage Brain Broker 2 consumer (B2C) that brokers can incorporate within their website.
Mortgage Brain maintained its program to deliver innovation through investment and this will continue in the years to come. In the last year Mortgage Brain has not only increased market share across all major products but overall user numbers and usage has increased, which is a fantastic achievement in prevailing market conditions.
"the Key, Mortgage Brain's CRM system, is now the fastest growing and most widely used point-of-sale and compliance system used by mortgage brokers and its electronic trading platform, the Mortgage Trading Exchange (mte), continues to lead the way in enabling brokers to request AIPs and submit Mortgage Applications to lenders with over 200,000 transactions processed in 2010.
About Mortgage Brain
compliance, mortgage sourcing and electronic trading products and services for mortgage intermediaries. Mortgage Brain Limited is the most widely used and preferred provider of point-ofsale.
The consortium of six owners, together with their subsidiaries, collectively account for in excess of 65% of the new business mortgage market within the UK.
Mortgage Brain is a Microsoft Silver Certified Partner.
