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The slump in home sales and concomitant slowdown in mortgage lending are causing ripples in the national and local economy, but a Poway firm that provides software to both industries is surviving nicely.
LSSI Inc., formerly called Lender Support Services Inc., is on track to double its revenue this year, just as it has done for the preceding two years, said Chief Executive Officer Cary Burch.
While he declined to reveal dollar amounts, Burch said because at least half the business is tied to customers purchasing software on a monthly subscription basis, revenues should continue rising.
"Last year may have been a challenging year for a lot of our customers, but because they are using our product on a subscription (basis) they are paying the same price regardless of the number of transactions they do," he said.
LSSI makes software that helps lenders and investors in home lending. Two of the firm's products help prepare and maintain proper loan documentation, and service home loans.
Customers of LSSI include midsized mortgage banks such as First Magnus Financial Corp. of Tucson, Ariz., as well as private money lenders, retirement funds and...