Chronos Solutions, a Texas-based national real estate finance services provider, has acquired Cogent Road, a San Diego-based mortgage technology company, to expand its suite of products and services for mortgage lenders and to grow its talent base.
Cogent Road develops three core products for the mortgage origination market: Funding Suite, Tax Door and Roohmz. Funding Suite is a credit and data purchasing platform for mortgage lenders. Tax Door is a fully automated tax transcript solution that allows users to order verified income data via Internal Revenue Service tax transcripts without requiring signed 4506Ts. Lastly, Roohmz is one of the leading loan origination systems in the industry, according to Cogent Road.
Matt Martin, Chronos Solutions' CEO, says the acquisition adds over 300 customers and supplements the company's existing suite of origination services. Martin also added that Chronos intends to grow the Cogent Road acquisition into a mortgage and real estate technology lab, based in San Diego.
Financial terms of the transaction were not disclosed.