Bank of America has acquired Framework, a privately held technology company, in a move intended to simplify mortgage transaction processing for consumers. Framework, based in Tarrytown, N.Y., will retain its name and operate as an independent subsidiary of Bank of America.
"We believe we merge the best mortgage and technology minds to create bold solutions for both homebuyers and financial institutions," according to Kevin Shannon, president, Bank of America Consumer Real Estate.
Bank of America recently worked with Framework to introduce LoanSolutions, used by nearly 10,000 BofA personal bankers and client managers to provide mortgage products to customers in banking centers nationwide.
Framework has a strong track record of innovation, noted Shannon. "Framework is innovative, creative and on the leading edge of consumer real estate technology. We will support Framework in its continued growth and acquisition of new customers."
"Our decision to acquire the company is a reflection of Framework's strength, as well as its tremendous prospects for the future," he added.
Framework provides banks with a platform to create, fulfill and distribute financial products and services. Its configurable enterprise software, LendWare, is a comprehensive credit fulfillment platform which automates the decisioning and delivery of financial solutions across all distribution channels.
Lendware also includes a vendor management component that connects to settlement service providers, either directly or through hubs operated by RealEC Technologies, Santa Barbara, Calif., or RealTrans, operated by Ocwen Financial Corp., West Palm Beach, Fla.