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.