""LoanLogics"":http://www.loanlogics.com/, a company specializing in loan quality management and performance analytics technologies for the mortgage industry, announced it has raised $11.2 million in funding from growth equity firm ""Volition Capital"":http://www.volitioncapital.com/ and existing investors.[IMAGE] [COLUMN_BREAK]
According to LoanLogics president and CEO Brian Fitzpatrick, the infusion of growth capital will be used to help the company continue its national expansion and to enhance its Enterprise Loan Quality Management System.
""The industry is desperate for automation that reduces the costs and increases the benefits of loan quality management,"" Fitzpatrick said. ""This investment will help us accelerate our growth and broaden our customer base in this important market.""
Volition Capital, based in Boston, contributed $10 million of the funds.
""Loan quality management technology is critical to provide data transparency and meet the increased regulatory requirements following the mortgage crisis,"" said Roger Hurwitz, managing partner of the equity firm and new member of LoanLogics' board of directors. ""LoanLogics has the right vision and management team to provide the much needed innovation needed to better control costs and manage underwriting risk.""