By KIMBERLEY HAAS
SimpleNexus has officially rebranded as nCino’s Mortgage Suite and company leaders say customers can benefit from a more diverse and financially stable company.
Following its acquisition for $1.2 billion in stocks and cash in January of 2022, SimpleNexus’ market share in the mortgage point of sale space grew. Their products now touch about 25% of all residential loan originations in the United States.
Ben Miller, EVP of US Mortgage, said prior to the sale, SimpleNexus worked mostly with independent mortgage banks. Today, they work with more banks and credit unions.
Miller, who was a co-founder of SimpleNexus, played a leading role in the acquisition. He told The Mortgage Note that when nCino approached them, they weren’t for sale, but they soon saw how integrating the technologies as one company could allow them to better serve more customers.
“As a public company, everybody can see our finances. And we’re in a much better financial position than a lot of other technology providers in this space. So everyone who uses the SimpleNexus legacy product can benefit from a more financially stable company,” Miller said.
Miller added that other public competitors are cutting their innovation investments, something that will be hard to overcome in the future.
nCino is a global company partnered with more than 1,850 financial service providers. The technology that SimpleNexus brings to the table with its front-end expertise will be used across all of nCino, Miller said.
“We feel really grateful to be in the position we are. We know that mortgage is in a tough spot right now, but we are very proud of how we’ve been able to perform as a business, not only in US mortgage but also how we’ve integrated the company together with nCino,” Miller said. “I’m very excited about the future.”
Miller and nCino’s Chief Product Officer Matt Hansen were at the Mortgage Bankers Association’s annual convention and expo in Philadelphia last month, where they held a town hall to talk about the rebranding.
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