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Products offered by a newly launched mortgage technology provider include a loan origination system that can be utilized on first and second mortgages.
Dark Matter Technologies LLC disclosed Friday it’s launch.
The Jacksonville, Florida-based company was previously known as Black Knight Origination Technologies LLC. But after resistance from the Federal Trade Commission on Intercontinental Exchange Inc.’s planned acquisition of Black Knight, ICE and Black Knight agreed to unload the origination unit, as well as Optimal Blue, after the closing of the deal, which happened on Sept. 5.
Both divestitures took place today.
Rich Gagliano, CEO, Dark Matter Technologies
“We understand that our existing long-term client relationships extend far beyond innovative technology; our clients rely heavily on our team’s unique knowledge and experience to enable their success,” Dark Matter Technologies Chief Executive Officer Rich Gagliano stated in the announcement. “To that end, I’m proud to announce that our leadership team and 1,300+ employees will focus on a smooth, uneventful transition plan for our clients.”
Gagliano noted in a written statement to HELN that support for home-equity products is an important part of their strategy.
“As HELOCs continue to grow in popularity, banks and credit unions are increasingly recognizing the advantages of using a single system like Empower LOS to originate home-equity products and first mortgages,” he explained. “Doing so can lower risk, enhance efficiencies and reduce IT costs. We have long been an innovator in this area — we invested several million dollars in building support for home equity that’s better than any comparable system out there — and as we move forward as Dark Matter Technologies, advancements in home-equity lending will continue to be part of our innovation roadmap.”
Clients of the new entity include “an impressive group of banks, credit unions and independent mortgage lenders which represent a significant percentage of the mortgage industry’s transactions,” according to the news release.
Tom George, Co-President,, Romulus
Tom George, co-president of the Romulus portfolio of Perseus, led the acquisition with Bonnie Wilhelm, chief operating officer of Perseus.
“We’re excited to invest in this industry-leader and to bring the impressive product roadmap to life,” George said in the statement. “The leadership, the talented teams, the strong customer relationships — Dark Matter Technologies has everything we look for in an acquisition.”
