Fiserv Inc., has sold its loan fulfillment solutions (LFS) division to Pennsylvania-based ISGN Solutions Inc. ISGN specializes in mortgage lending technology and solutions, including fulfillment services, title and default management.
Terms of the acquisition were not disclosed. The deal is expected to close in late October, pending regulatory approval.
Fiserv’s employees in the LFS division will work for ISGN after the deal closes, a Fiserv spokesperson said. Most of the employees are in New Jersey, while some are in Brookfield and other locations around the country.
Fiserv’s LFS division provides outsourced home equity loan fulfillment services to financial institutions. Its services include 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 more.
“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,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “We are pleased with the outcome for our clients, associates and shareholders.”
As part of the transaction, Fiserv will receive a minority ownership interest in CFCL Technologies Limited, the parent company of ISGN Corporation. The companies expect to cooperate in the delivery of value-added processing solutions to mutual clients.
