US fintech vendor Fiserv has inked a deal to sell its Loan Fulfillment Solutions (LFS) business to mortgage technology firm ISGN. Financial terms of the deal were not disclosed.
The deal - expected to close within 30 days subject to customary closing conditions - will also see Fiserv take a minority stake in ISGN's parent company CFCL Technologies. The sale is not expected to have a material impact on Fiserv's financial results.
California-based LFS - which Fiserv acquired in 2003 - provides financial institutions outsourced home equity loan fulfilment services, covering broker price opinions, closing and settlement, valuation, flood and title certification, home retention and loan modification, and portfolio and vendor management.
Jeffery Yabuki, CEO, Fiserv, says: "We believe the LFS business, and the clients it serves, will benefit from the scale and expertise of ISGN. We are pleased with the outcome for our clients, associates and shareholders."