Fiserv To Sell Loan Fulfillment Solutions Business

Published: 28-Sep-2009

The companies are expected to cooperate in the delivery of value-added processing solutions to mutual clients

Fiserv, a global provider of financial services technology solutions, has signed a definitive agreement to sell its Loan Fulfillment Solutions (LFS) business to ISGN Solutions, a subsidiary of ISGN Corporation based in Pennsylvania.

As part of the transaction, Fiserv will receive a minority ownership interest in CFCL Technologies, the parent company of ISGN Corporation. Reportedly, Fiserv retains a robust lending solutions portfolio, including primary loan origination and servicing solutions that financial institutions use as their lending platforms; automotive lending solutions; and lending-related data and analytics offerings, such as the CASA Automated Valuation Model and the Fiserv Case-Shiller Indexes.

Jeffery Yabuki, president and chief executive officer of Fiserv, said: “We remain committed to providing best-in-class lending solutions that are consistent with our strategic focus. We believe the LFS business, and the clients it serves, will benefit from the scale and expertise of ISGN. We are pleased with the outcome for our clients, associates and shareholders.”

The transaction is subject to customary closing conditions and is expected to close within 30 days.

LFS provides financial institutions outsourced home equity loan fulfillment services, 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.

ISGN specializes in mortgage lending technology and solutions, including fulfillment services, title and default management.

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