Published:
Leading Mortgage Services Provider ISGN Announces It Has Signed Definitive Agreement to Acquire Fiserv's Loan Fulfillment Services Business
BENSALEM, Pa. - (BUSINESS WIRE) - ISGN Corporation (www.ISGN.com),
a leading provider of technology products and services to the U.S.
mortgage market, announced today that its subsidiary, ISGN Solutions,
Inc., together with its parent company CFCL Technologies Limited, has
signed a definitive agreement to acquire the Loan Fulfillment Services
business of Fiserv, Inc. (NASDAQ: FISV)
Financial terms of the transaction were not disclosed.
ISGN is a mortgage solutions company that offers lenders, brokers and
servicers a broad range of residential mortgage products and services to
support various stages of the loan life cycle, including loan
origination, title and settlement services, loan servicing and default
management.
Fiserv's Loan Fulfillment Services provides financial institutions with
outsourced home equity loan fulfillment services, including broker price
opinions, closing and settlement services, fee appraisals, flood and
title certification, home retention programs, portfolio and vendor
management solutions, and related services.
"Once the transaction is complete, the combined entity will give our
customers a suite of innovative products and services dedicated to the
mortgage industry," said Krishna Srinivasan, CEO of ISGN. "ISGN is now
poised to become a leader that helps customers manage all aspects of the
borrower experience and loan profitability."
The acquisition, which is subject to customary closing conditions, is
expected to close within the next 30 days. At that time, ISGN will
communicate its plans to integrate the business into its existing
operations.
Under the terms of the definitive agreement, Fiserv will receive a
minority ownership interest in CFCL Technologies Limited.
About ISGN
ISGN is a leading provider of mortgage technology and services. A
fast-growing company with more than 600 customers, including large
global banks and many of the top ten lenders in the country, ISGN's
product line includes a complete range of solutions for lenders, brokers
and servicers. ISGN is funded by the highly-regarded growth equity firm
NEA Partners, and by the KK Birla Group, one of the largest and oldest
business houses in India. Based in Bensalem, Pennsylvania, ISGN employs
about 1,000 people across its six domestic centers and three
international facilities. For more information, visit www.ISGN.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of
information management and electronic commerce systems for the financial
services industry, driving innovation that transforms experiences for
financial institutions and their customers. Ranked No. 1 on the FinTech
100 survey of top technology partners to the financial services
industry, Fiserv celebrates its 25th year in 2009. For more
information, visit www.fiserv.com.
Buchanan Public Relations
Anne A. Buchanan
610-649-9292
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