Fair Isaac Corporation (NYSE:FIC) and ISGN, the parent company of MortgageHub, said Monday that ISGN has acquired key assets and products associated with Fair Isaac’s mortgage banking division, with plans to integrate them with MortgageHub. Included in the deal are nearly every major mortgage banking platform owned by Fair Issac: the Diamond loan origination solution, the BridgeLink e-Services network for the mortgage industry, the LSAMS servicing system, the TCLTM construction lending system, the LenStar default management communications network, the FORTRACS default management system and other technologies. MortgageHub is a provider of Internet-based systems for the mortgage industry’s wholesale, correspondent, retail and servicing channels. Terms of the deal were not disclosed. Fair Isaac mortgage division customers will experience no disruption to their current services and agreements, both companies said. Further, MortgageHub has offered employment to Fair Isaac’s 61 mortgage division employees, who are primarily located in Norcross, Georgia. MortgageHub also has indicated that it is looking to expand aggressively.
“We’re pleased to be able to place select products, services and mortgage industry experts in the hands of a growing technology leader with a specific focus on mortgage lending,â€? said Dr. Mark Greene, CEO of Fair Isaac. “While we’ve determined that certain aspects of our mortgage industry business no longer fit Fair Isaac’s long-term business strategy, we will continue to support mortgage lenders every day through offerings like FICO scores, custom analytics, marketing services and other decision management technologies that help them make their best customer decisions.â€? “The addition of Fair Isaac’s people and proven technologies for mortgage lenders creates a new level of competitive advantage for our customers,â€? said Bill Adamowski, CEO and founder of MortgageHub. “We are strategically building our company in order to provide customers with end-to-end products and services. Whether companies are looking for point-of-sale technology or servicing solutions, or anything in between, they will be able to trust us to provide expert products and services.â€? With the technology and staff added to the MortgageHub portfolio through this acquisition, the company believes it is even better positioned to offer end-to-end products and services to customers. In addition, with this transaction MortgageHub is acquiring more than 150 mortgage customers and more than 700 vendor partners through the BridgeLink network. “We are investing in the development of the industry’s most comprehensive platform of integrated products and services that will re-map how lenders market, originate, service, and manage mortgages in the U.S.,â€? said Krishna Srinivasan, CEO and vice-chairman of ISGN. “Whether lenders are looking to solve a particular operational challenge with technology or require an entire outsourced business process solution, they can trust MortgageHub to provide expert products and services.â€? In addition to this transaction, Fair Isaac also is considering future alliance opportunities with ISGN that would take advantage of identified synergies that exist between the organizations. Fair Isaac’s mortgage banking division was established in 2004, when the company acquired London Bridge Software Holdings plc. Decision technologies for collections and recovery that were added through that acquisition continue to be a cornerstone in Fair Isaac’s roster of analytics-powered solutions for the customer lifecycle.
