ISGN Completes Acquisition of Fiserv Loan Fulfillment Unit
Mortgage technology provider ISGN Solutions completed its acquisition of the loan fulfillment solutions (LFS) business of information management and electronic commerce provider Fiserv (FISV). The acquisition will add broker price opinions, closing and settlement services, valuation services, flood and title certification, home retention and loan modification and vendor management solutions to ISGN’s portfolio of products and services for residential mortgage lenders, ISGN said. “With the combined strength of the two entities and a comprehensive suite of end-to-end products and services, customers can now focus on loan profitability and creating business impact, while working with a trusted partner,” said ISGN group president Niraj Patel. According to Fiserv SEC filings, the LFS unit revenue was $152m in 2008 and $53m in the first six months of 2009. The combined value of the LFS and Fiserv’s Investment Support Services (ISS) unit, which Fiserv sold in a separate deal, was valued at $866m at the end of Q309. When HousingWire originally reported on the deal in September, ISGN and Fiserv said it would close in 30 days. An ISGN spokesperson said there was no specific reason why it took longer than expected for the deal to close, and that a number of small logistical issues caused the delay. With the acquisition, ISGN employs more than 1,700 in 15 domestic and three international offices. ISGN said it is now one of the three largest mortgage technology and service providers in the industry, providing services to 11 of the largest 20 US originators and 12 of the largest 20 servicers. ISGN had 600 clients before adding an additional 400 to its portfolio with the acquisition. Most of the LFS unit’s management team will remain in place, including Lee Howlett, who served as president of the unit at Fiserv. “We are excited about the opportunity to be a part of a reputed industry leader,” Howlett said. “Our services complement each other and our customers will benefit from this amalgamation of products and services.” ISGN Solutions is a subsidiary of ISGN Corp., which is owned by CFCL Technologies. It is funded by growth equity firm NEA Partners and KK Birla Group.