ISGN Solutions Inc. announced Monday that it has completed its acquisition of the loan fulfillment services business from Fiserv, Inc. 
The acquisition will add broker price opinions, closing and settlement services, valuation services, flood and title certification, home retention and loan modification solutions, and vendor management solutions to ISGN’s portfolio of products and services for residential mortgage lenders.
According to Pennsylvania-based ISGN, the resulting organization is now one of the top three technology and service providers in the mortgage industry, offering lenders and servicers a single‐source for solutions that address all phases of the mortgage life cycle.
“This is great news for our customers,” said Niraj Patel, group president of ISGN. “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.”
The new combined entity will operate under the ISGN name and employ more than 1700 associates across 15 domestic locations and three international facilities. ISGN, which had more than 600 clients including large global banks, regional lenders, community banks, and credit unions, has added more than 400 Fiserv lender and broker customers as its own.
Most of the management team members from the Fiserv business will be joining ISGN. Lee Howlett, who was president of the fulfillment services business, will head the new servicing practice.
“We are excited about the opportunity to be a part of a reputed industry leader,” said Lee. “Our services complement each other and our customers will benefit from this amalgamation of products and services.”
The terms of the deal, which was initially announced in late September, were not disclosed. The companies previously said that as part of the transaction, Fiserv will receive a minority ownership interest in CFCL Technologies Limited, the parent company of ISGN.
Author: Carrie Bay
• Date: 12/15/2009