Mortgage

nCino completes acquisition of mortgage lending software provider

nCino completes acquisition of mortgage lending software provider
Written by Publishing Team

SimpleNexus, the home ownership software provider, is officially part of nCino. The Wilmington-based financial institution software company announced Monday that its acquisition of SimpleNexus has completed.

The deal, announced in November, was valued at $1.2 billion and consisted of approximately 12.75 million shares of nCino common stock and approximately $270 million in cash.

nCino CEO Pierre Nodi said: “The combination of nCino and SimpleNexus brings together two best-in-class companies that operate in the cloud and are focused on transforming the financial services industry by streamlining and streamlining burdensome financial processes with innovative, market-leading technology solutions. “. Press release. “Together, we can improve the offerings to our customers and strengthen nCino’s position as a global leader in cloud banking.”

Currently, nCino Bank’s operating system provides financial institutions with many ways to simplify their products and services but does not offer digital mortgage services. Enter SimpleNexus, with a cloud-based mortgage lending software designed to work well on mobile devices. SimpleNexus serves more than 300 independent mortgage banks (IMBs), more than 80 banks and credit unions, and more than 41,000 loan originators across the country, according to the company.

In nCino’s announcement in November, Naudé said nCino will work with SimpleNexus to promote adoption of the home ownership platform by more US banks and credit unions, “as we see significant opportunity and value for both existing and potential nCino customers.”

SimpleNexus officials see great promise in the company’s union with nCino.

“I am confident that together we can accelerate digital transformation across the industry and better serve financial institutions and independent mortgage banks of all sizes,” SimpleNexus CEO Kathleen Schreiner Gates said in Monday’s release.

The feedback both entities have received from their clients indicates that the acquisition is a welcome development.

The press release included comments from several bankers.

“nCino and SimpleNexus have both been key partners in our continued growth across commercial banking, mortgages, and more,” said Robert Bardoch, Senior Executive Vice President and COO of New Jersey-based Valley National Bank.

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