ISGN Buys Fiserv's Loan Fulfillment Unit
Mortgage technology provider ISGN Solutions announced it will purchase the Loan Fulfillment Solutions (LFS) business unit from information management and electronic commerce systems firm Fiserv. The deal is expected to close within 30 days. The companies declined to disclose the financial terms of the transaction, but as part of the deal, Fiserv will receive a minority ownership stake in CFCL Technologies Limited, the parent company of ISGN Corporation. The LFS unit provides home equity loan fulfillment services outsourcing to financial institutions, including broker price opinions, closing and settlement services, valuation services, flood and title certification, home retention and loan modification solutions, portfolio and vendor management solutions, and related services. “We believe the LFS business, and the clients it serves, will benefit from the scale and expertise of ISGN,” said Jeffery Yabuki, Fiserv president and CEO. ISGN’s products include fulfillment services, title and default management software. Fiserv provides primary loan origination and servicing lending platforms, as well as lending-related data and analytics products. Write to Austin Kilgore.