Evolve Mortgage Services, a provider of outsourced mortgage solutions and eMortgage technology solutions, has acquired Brooks Systems LLC to expand its technical automation regulatory compliance offerings.
Brooks and Evolve have a 20-year relationship with the Brooks Math Engine and other regulatory testing products that have been embedded into Evolve’s core offerings.
Brooks Systems LLC, a Connecticut-based company, provided the Federal Home Loan Bank Board with the first PC module for auditing disclosures in the 12 regions and 39 districts. Brooks Systems also wrote the first reimbursement program for the FHLBB and helped establish disclosure requirements and calculation methods for adjustable-rate mortgages.
Terms of the transaction were not disclosed.