Mortgage Brain set to acquire MortgageStream

1 December 2011 | By Natalie Thomas

The acquisition is expected to be concluded within the next few months.

Mortgage Strategy revealed earlier this month that Mortgage Brain’s unsuccessful attempt to buy TrigoldCrystal earlier in the year had not dampened its plans to acquire other firms.

The acquisition, which will be completed for an undisclosed sum, will mean that 13.4% of authorised UK mortgage firms will be using either the Key, Mortgage Brain’s point-of-sale, CRM and compliance system or MortgageStream.

Mark Lofthouse, CEO of Mortgage Brain, says: “The forthcoming acquisition of MortgageStream represents another step in our long-term business strategy, which we’ve developed to support the UK mortgage market and enable us to continue to lead the market through product innovation and investment.

“The acquisition means that one in eight mortgage firms who are authorised to sell mortgages will be using the Key or MortgageStream.”

Paul Holden, sales director at MortgageStream, says: “Over the last twelve months MortgageStream has launched a new version and continued to expand into new markets. We are delighted to have reached this agreement with Mortgage Brain.”

Mortgage Brain lost £418,000 as a result of terminating its TrigoldCrystal merger plan.

The deal was scuppered by the Office of Fair Trading over concerns that it would make Mortgage Brain too dominant.

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