Mortgage servicing software provider Sagent announced on Wednesday that it has extended its software partnership with Freedom Mortgage for another five years, the latest in a string of deals it has struck with some of America’s largest mortgage servicers.
Freedom, the largest FHA and VA lender in America, will continue to use Sagent’s cloud-based technologies, including LoanServ (core servicing), Tempo (default management) and CARE (homeowner management).
Freedom currently has about $400 billion in servicing UPB.
“As a top ten servicer, Freedom Mortgage truly gets the need for a seamless customer experience across the entire homeownership lifecycle,” said Sagent CEO Dan Sogorka in a statement. “Sagent’s role as a long-term Freedom Mortgage partner is to help them create customers for life with a singular experience from push-button originations to always-engaged servicing and back to new push-button originations.”
Freedom Mortgage integrates and configures Sagent cloud-based technology across its systems – their native mobile app “hooks into their website,” as well as a proprietary system that uses Sagent’s APIs for “personalized target offers.”
The agreement reached by both parties stipulates that Mr. Cooper will sell certain intellectual property rights related to its proprietary, cloud-based technology platform for mortgage servicing to Sagent. Meanwhile, Mr. Cooper will receive a minority equity stake in the fintech company. Additionally, under the terms of the agreement, Jay Bray, CEO of Mr. Cooper, as well as Chris Marshall, vice chairman of Mr. Cooper Group, will have a spot on Sagent’s board.
Sagent said that the Mr. Cooper deal runs seven years, and it expects the servicing platform to be ready for marketing by 2023. The software company also has a mortgage servicing deal with Mike Cagney’s Figure Technologies. Sagent will power Figure’s mortgage servicing and help the lender accelerate its “transformative blockchain vision.”
Sagent was recently named a HousingWire Tech 100 winner.