Evolve Mortgage Services Acquires Brooks Systems LLC To Support Mortgage Regulation Compliance
Evolve Mortgage Services, a provider of outsourced mortgage solutions and eMortgage technology solutions, has acquired Brooks Systems LLC to expand its technical automation regulatory compliance offerings.Â
Brooks and Evolve have a 20-year relationship with the Brooks Math Engine and other regulatory testing products that have been embedded into Evolve’s core offerings all along. Rather than just being another business process outsource provider to manage volume capacity, Evolve Mortgage Services has invested heavily in technology to not only be able to scale but more importantly, to deliver a more consistent and fully compliant, automated process that guarantees better data quality and integrity by creating stronger underwriting and compliance results fully backed with rep and warrants.
“With our acquisition of Brooks Systems LLC this will help continue to ensure this” said Evolve Mortgage Services CEO Paul Anselmo. Adding, “Bob Brooks has been a great partner and friend and has been at the forefront of compliance since the first days of financial regulation and we at Evolve are honored to carry that torch forward as Bob takes a well-deserved rest.” Other key staff members will be joining Evolve as a part of this transaction.
Brooks Systems LLC, a West Mystic, Connecticut-based company, provided the Federal Home Loan Bank Board with the first PC module for auditing disclosures in the 12 regions and 39 districts. Brooks Systems also wrote the first reimbursement program for the FHLBB and helped establish disclosure requirements and calculation methods for adjustable-rate mortgages.
Any technology-based solution must focus on the complexities of current regulations and at the same time simplify the process for lenders, while also addressing the issues of accuracy, flexibility and ease-of-use. “I am enthused with the acquisition that brings both of our technologies together, as we forge forward together in the Mortgage banking industry” says Robert Brooks II, president and CEO of Brooks Systems.
Terms of the transaction were not disclosed.
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