Earlier this week, the Office of Fair Trading gave the go-ahead for Mortgage Brain to acquire MortgageStream.
The OFT announced in January that it was stepping in to investigate the proposed acquisition over fears it could substantially lessen competition in the market.
The deal has now completed for an undisclosed sum and means that 13.4% of authorised UK mortgage firms will now be using either the Key, Mortgage Brain’s point-of-sale, CRM and compliance system or MortgageStream.
Mark Lofthouse, CEO of Mortgage Brain, said he was delighted with the progress and completion of the acquisition.
He says: “This is an exciting development for the UK mortgage industry and we’d like to thank everyone for their support.”
MortgageStream, which is currently used by over 1,000 mortgage and GI brokers, is a desktop based CRM and case management system that assists with the management of the day-to-day running of a broker’s business.
Paul Holden, sales director at MortgageStream, adds: “We are delighted to have completed this deal with Mortgage Brain. Our products and services complement each other enormously.”