Bank of America has acquired New York-based mortgage technology vendor Framework for an undisclosed amount.
Under the deal, Framework will retain its name and will operate as an independent subsidiary of Bank of America. The vendor will also retain all its employees.
Bank of America recently worked with Framework to launch its LoanSolutions systems, which is used by nearly 10,000 personal bankers and client managers to provide mortgage products to customers.
Kevin Shannon, president, consumer real estate, Bank of America, says Framework is innovative, creative and on the leading edge of consumer real estate technology.
"We will support Framework in its continued growth and acquisition of new customers," he adds.
Framework's flagship product LendWare is a credit fulfillment platform that automates the decisioning and delivery of tailored solutions across all distribution channels.