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Dynatek Launches Ambitious New Vision by Joining the MortgageHub Family
ISGN increases its leadership position in the mortgage industry by acquiring Dynatek
Livonia, Michigan, May 21, 2007 – Dynatek, a leader in mid-market mortgage automation solutions, has announced today a bold new vision of becoming the dominant mortgage technology provider for emerging and mid-market mortgage companies by joining the MortgageHub family, a global network of companies, products and services that is dramatically improving the way the mortgage industry works . MortgageHub offers industry-leading knowledge process outsourcing (KPO) solutions; software products that span from originations through servicing; and some of the top advisory services capabilities in the mortgage industry.
By joining forces with MortgageHub, Dynatek will now have access to the capital backing, additional software products, consulting services, and other assets within the MortgageHub family, thereby adding additional value to the growing mid-market segment.
“Joining the MortgageHub family will strengthen our position in the marketplace and will bring additional products and services to our customers,” said Todd Luhtanen, CMT, president of Dynatek. “The combined enterprise provides an end-to-end suite of mortgage solutions to address the needs of mid-size, large and mega lenders. Few providers have the domain expertise and customer base that our combined family can now offer.”
Dynatek was acquired by ISGN, the parent company of MortgageHub. ISGN has been aggressively adding to the MortgageHub family since acquiring MortgageHub in October 2006. The Dynatek acquisition follows closely after the late-March 2007 acquisition of the key assets and products associated with Fair Isaac Corporation’s mortgage banking division.
Dynatek has been a leading provider of mid-tier mortgage automation for retail and wholesale lenders for more than twenty years. With its award-winning MORvision loan origination system and groundbreaking MORvision Titanium, Dynatek brings to MortgageHub its advanced technology and systems to strengthen the cross industry offerings.
The combined product and service suite of MortgageHub and Dynatek now spans the entire mortgage value chain, including point of sale; product, pricing, and underwriting decisioning; loan origination systems; servicing and default management; construction lending; and third-party vendor management networks. In 2006, the combined MortgageHub family processed in excess of $500 billion in loan volume across all platforms, serving more than 400 lending customers with more than 50,000 users. Additionally, MortgageHub’s Partner Network, combined with Dynatek’s Plug-In Partner Network, will number more than 900 partners.
“Dynatek’s MORvision and Titanium products will be a great addition to the combined entity,” said Jack D. Luhtanen, CEO of Dynatek, “With more products and services available to our customers, Dynatek and MortgageHub will be able to offer a total lending solution to every segment of the mortgage industry.”
Bill Adamowski, CEO of MortgageHub, added “Dynatek is a recognized and well-respected leader in the mortgage industry and has done an incredible job of providing value to their customers and the industry. By joining us, Dynatek will benefit from the industry-leading capabilities of the MortgageHub family and the capital needed to fully leverage these advantages and bring them to their customer base.”
Dynatek will continue to operate under its own name out of its Livonia, Michigan offices and is currently developing expansion plans for further penetration into the marketplace. All current Dynatek employees will be retained, and additional personnel are being recruited. Dynatek customers will experience no disruption to their current services and agreements.
“While this partnership makes Dynatek even better positioned to meet the customer’s future needs in the rapidly changing mortgage industry, our focus will continue to be on providing superior service to our customers and delivering the latest technologies and service offerings to the industry,” said Todd Luhtanen.
Discussions between the companies began more than 12 months ago. “Placing the right buyer with a seller can create a strong synergy which is exemplified by this deal,” explained Scott Cooley, of Los Gatos, California-based Cooley Consulting, who served as the transaction advisor to Dynatek and brought the parties together, “With the acquisition of Dynatek, MortgageHub leaps ahead of its competition with a premier loan origination solution in its line-up. Dynatek is the last middle market independent loan origination system with sizable market share. MortgageHub has captured a prized asset."
About Dynatek
Founded in 1986 and headquartered in Livonia, Mich., Dynatek has been simplifying the lending process for retail and wholesale lenders for more than two decades. Dynatek’s MORvision is a flexible solution automating everything from point-of-sale and web origination through processing, underwriting, closing, secondary tracking and delivery. Dynatek is attributed with a long list of industry innovations including their award-winning Plug-In Partner Network, seamlessly connecting MORvision users to industry partners with a single click. With Dynatek’s complete mortgage software solution and multi-faceted approach to customer service, the company has earned numerous industry commendations and the respect of hundreds of full-service financial institutions across the nation. For more information log on to www.dynatek.com.
About MortgageHub
The MortgageHub family is a global network of companies, products and services that is dramatically improving the way the mortgage industry works. The MortgageHub family has more than 400 clients including all of the top 20 and a majority of the top 50 lenders in the United States. In addition, the MortgageHub family connects to more than 900 partners through its partner network. Members of the MortgageHub family feature industry-leading platform-based knowledge process outsourcing (KPO) solutions; software products that span from originations through servicing; and some of the top advisory services capabilities serving the mortgage industry. The MortgageHub family has offices in New Jersey, Pennsylvania, Iowa, Michigan, California, and Georgia, in addition to worldwide locations including Chennai and Delhi, India. ISGN, one of India’s leading conglomerates, is the parent company of the MortgageHub family, and a leading global technology solutions company focused on serving the residential mortgage segment. For more information, please visit www.mortgagehub.com and www.isgn.com.
About ISGN
ISGN Technologies, Ltd., is a leading global solutions company in aggressive pursuit of transforming the US mortgage industry with platform-based knowledge process outsourcing (KPO) and consulting services. Jointly headquartered in Chennai and Philadelphia, Pa., ISGN has offices worldwide, including locations in Delhi, London, Singapore, and across the United States. With subsidiaries such as leading U.S.-based mortgage technology firms MortgageHub and Dynatek, ISGN is backed by the K.K. Birla Group, one of India’s leading conglomerates. For more information, please visit www.isgn.com.
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