ISGN announces agreement to acquire Fiserv’s Loan Fulfillment Services business

ISGN announces agreement to acquire Fiserv’s Loan Fulfillment Services business

September 29, 2009

ISGN Corporation, a provider of technology products and services to the U.S. mortgage market, announced 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. 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.
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Residential, Servicing