Evolve Mortgage Services, a provider of outsourced mortgage services and technology, has made an acquisition that expands its technical automation regulatory compliance offerings.
The company has announced that it acquired Brooks Systems, a Connecticut-based firm that designs and distributes compliance, risk management tools and services. Brooks Systems has provided the Federal Home Loan Bank Board with the first PC module for auditing disclosures in the 12 regions and 39 districts. It also wrote the first reimbursement program for the FHLBB and helped establish disclosure requirements and calculation methods for adjustable-rate mortgages.
Evolve Mortgage CEO Paul Anselmo said that the deal enables the company to deliver a more consistent and fully compliant automated process by creating stronger underwriting and compliance results fully backed with rep and warrants.