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OnLoan.com Acquires Decade Systems

OnLoan.com Acquires Decade Systems Web-based mortgage services company OnLoan.com has purchased Decade Systems, which specializes in integration solutions for the financial services industry.

Financial terms were not disclosed.

OnLoan.com, which is a full-service direct lender, said the acquisition further cements its position as a leader in providing technology infrastructure to the online mortgage market.

Decade Systems has provided integration of enterprise systems for more than 40 clients to date, 85 percent of them in n the mortgage-lending industry.

Decade clients include more than 50 percent of the nation's 20 largest mortgage lenders, including Norwest (Wells Fargo), Bank of America, Homeside Lending, First Nationwide, GE Capital, PNC Corp. and North American/Dime. Since late 1999, OnLoan.com has also used Decade System's services.

Decade System's hallmark service is Total Enterprise Data Integration, a proprietary technology that creates high-performance, re-usable data integration interfaces.

"We started with Decade Systems as one of their integration customers," said Barney Danzansky, OnLoan.com's president and chief executive officer.

"But once we realized how powerful their product was and how capable their staff was, we knew we needed to immediately join up with them. Our involvement with Decade is momentous because now we, as a technology solutions provider with mortgage origination capability, are the only firm in its class that can truly promote itself as a mortgage ASP."

Decade Systems will remain as a separate entity, licensing its technology and providing intelligent integration services to the mortgage-lending industry.