Fiserv Inc. has announced that it is selling its Loan Fulfillment Solutions (LFS) business to ISGN Solutions Inc., a subsidiary of Bensalem, Pa.-based ISGN Corp.
The transaction is subject to customary closing conditions, and Fiserv expects it to close within 30 days. Financial terms of the transaction were not disclosed.
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.
As part of the transaction, Fiserv will receive a minority ownership interest in CFCL Technologies Ltd., the parent company of ISGN Corp. The companies expect to cooperate in the delivery of value-added processing solutions to mutual clients.
Fiserv will retain its lending solutions portfolio, which includes primary loan origination and servicing platforms, as well as lending-related data and analytics offerings.
SOURCE: Fiserv Inc.