Fiserve's loan basket acquired

BANGALORE: ISGN Solutions Inc., a provider of technology products and services to the U.S. mortgage market, recently announced that it  has completed the acquisition of Fiserv’s Loan Fulfillment Services (LFS) business. 

ISGN’s acquisition brings on board a network of vendor partners and customers. The resulting company offers a range of services for the entire mortgage loan life cycle. The combined entity will operate under the ISGN name, employing over 1700 associates across 15 locations in the US and three facilities in India. ISGN, with 600 existing clients including large global banks, regional lenders, community banks and credit unions, now has an additional 400 lender and broker customers through the acquisition.

A press release adds that ISGN’s organic and inorganic growth trajectory in the last few years has been very satisfying. With the acquisition of Fair Isaac’s mortgage division, Dynatek and MortgageHub between 2006 - 2007, ISGN significantly expanded its U.S. operations by adding vertical industry and technology professionals, additional operation centers and over 400 customers.  ISGN has continuously upgraded its solutions portfolio to the demanding and dynamic mortgage industry. It recently added services like the Pay-Per-Loan Loss Mitigation solution, a new 24/7 customer service portal and enhancements to LenStar Default Network to name a few. 

Shyam Bhartia, Chairman of the board and Co-Chairman of Chambal Fertilisers & Chemicals Ltd.said “The vision to be one of top three players in the mortgage space sounded fairly bold in 2005 when ISGN redefined its focus. Today, as an acknowledged leader, catering to over 1000 customers in the US, including some of the nation’s top lenders, community banks and credit unions, ISGN is a player the industry is watching. The rapid growth and track record we see has motivated us to increase our investment in ISGN. The acquisition of Fiserv’s Loan Fulfillment Services business by ISGN is a major milestone in our strategy. In addition, we are happy to welcome Fiserv on our Board. These developments validate the rationale behind our investment.”

Commenting on the Company’s growth and recent acquisition; CEO Krishna Srinivasan said.’’ISGN is now one of the top three complete solutions providers in the mortgage industry for lenders and servicers. Our vision is to deliver reliable process, cost and capacity advantage to U.S. lending markets. ISGN’s scale and reputation for quality products and services, along with Fiserv’s reach and brand presence across the industry will propel ISGN to leadership position.”

A large part of the management team from Fiserv’s LFS business will be joining ISGN.  Lee Howlett, who has been the President of Fiserv (LFS Business) will be joining ISGN and will head the Servicing practice. Lee said  “We are excited about the opportunity to be a part of a reputed industry leader. .Our services complement each other and our customers will benefit from this amalgamation of products and services.”