Fiserv, a Brookfield, Wis.-based financial services technology provider, announced on Monday that it has signed an agreement to sell its Loan Fulfillment Solutions (LFS) business to ISGN Solutions, a Bensalem, Pa.-based mortgage technology and services firm. Financial terms of the agreement were not disclosed.
The LFS business provides financial institutions with outsourced home equity loan fulfillment services, according to a press release. Those services include broker price opinions, closing and settlement services, valuation services, flood and title certification, home retention and loan modification solutions, and portfolio and vendor management solutions.
"We remain committed to providing best-in-class lending solutions that are consistent with our strategic focus," Fiserv president and CEO Jeffery Yabuki said in a press release. "We believe the LFS business, and the clients it serves, will benefit from the scale and expertise of ISGN."
Fiserv will receive a minority ownership interest in CFCL Technologies Limited, ISGN's parent company, as part of the agreement. The transaction, expected to close within 30 days, is subject to customary closing conditions.