Technology firm DPR Group has bought the online mortgage broker, Burrow.
Burrow, which launched last year, was originally known as Dwell and started as a consumer brokerage, before moving to a business-to-business model.
Initially, the broker said it wanted to abolish the traditional ‘agreement in principle’ stage of mortgage applications and said fact finds were “rudimentary” and often inaccurate.
It announced it was seeking a buyer last month. Burrow’s founder, Pradeep Raman will join DPR as director of digital solutions.
DPR says this latest acquisition brings the company a step closer to providing a suite of fully integrated digital applications for customers, lenders and brokers.
DPR also owns a core banking platform for origination and servicing that is used by 40 mortgage lenders, and the eKeeper broker CRM system, used by 3,000 brokers across the UK. DPR acquired eKeeper last year.
Raman says: “We started Burrow with the aim of making mortgages transparent and convenient for digital natives – the next generation of mortgage customers.”
He added that with DPR the firm could develop architecture for the mortgage market to deliver “ease, speed and cost savings to customers, lenders and brokers.”