LEADING MORTGAGE SERVICES PROVIDER ISGN CLOSES DEAL TO ACQUIRE THE LOAN FULFILLMENT SOLUTIONS BUSINESS FROM FISERV.
|Acquisition of Fiserv Business Strengthens ISGN's Vision To Become Global Transformation Leader in Supplying End-to-End Products and Services to U.S. Mortgage Lenders
Customers to Benefit from Broad Range of Services That Address All Phases of Mortgage Loan Life Cycle
BENSALEM, PA. December 11th 2009:
ISGN Solutions Inc. (www.ISGN.com), a leading provider of technology products and services
to the U.S. mortgage market, announced today that it has completed its acquisition of the Loan Fulfillment Solutions (LFS) business
from Fiserv, Inc. (NASDAQ:FISV). This 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.
The resulting organization is now one of the top three technology and service providers in the mortgage industry for lenders and
servicers seeking a single-source solution provider. "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." ISGN has grown rapidly,
emerging as one of the industry's most diverse providers of integrated mortgage services and technology solutions. Four years
ago, the company laid out a vision of becoming a global solutions provider for the mortgage industry, applying its unique
technology, process expertise and global workforce to be a transformational partner for lenders.
"The key challenge our customers face today is enhancing loan profitability. Vendors tend to be fragmented and don't
provide efficiencies, economies of scale or depth in the mortgage domain. ISGN has created a one-stop partner for all
loan life cycle requirements," said Patel. In addition to its singular focus, ISGN distinguishes itself from its competitors
by its quickness and agility. "Our customers appreciate the nimble and flexible approach we bring to their business," he added.
"Proof of ISGN's ability to deliver rests in its client roster," Niraj said. "ISGN currently supports 11 of the top 20 originators
and 12 of the top 20 servicers." 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 the President of the
fulfillment services business, will head the 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." ISGN is funded by growth funds NEA Partners and by The KK Birla Group, a major conglomerate.
ISGN Solutions is a subsidiary of ISGN Corporation, which is owned by CFCL Technologies Limited. The announcement that the two
companies had signed a definitive agreement for the acquisition was made on September 28 (link here). As part of the transaction,
Fiserv receives a minority ownership interest in CFCL Technologies Limited and a Fiserv executive will join the board.