Brookfield-based Fiserv Inc. has acquired the assets of Reno, Nevada-based PCLender LLC, an online mortgage software and mortgage lending technology firm, for an undisclosed price.
The global financial services technology solutions developer acquired PCLender to augment its suite of mortgage origination services. Fiserv offers financial institutions and borrowers tools for origination, processing, underwriting and delivering loans in a secure, paperless manner.
PCLender’s mortgage solutions are fully managed, end-to-end products used for origination, document collection and compliance reporting, which allows improved operational efficiency for mortgage lenders funding up to 5,000 loans per month. The company was founded in 1995 by Lionel Urban and David Faulkner, who sold it to Lender Processing Services in 2011 and reacquired it in 2014.
Fiserv plans to retain all of PCLender’s 50 employees, who are located throughout the U.S. and in the Phillipines. The firm will be integrated with Fiserv’s Bank Solutions division, and its employees will continue to report to Urban within that division.
“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”
“Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients,” said Lionel Urban, CEO of PCLender. “We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their customers.”
