Fiserv acquires LOS vendor PCLender
Fiserv has acquired the assets of PCLender, a mortgage loan origination system vendor based in Reno, Nev.
PCLender will help streamline origination and simplify document collection and compliance reporting, according to Fiserv. The company intends the PCLender platform to serve as a complement to the company's existing mortgage software. Financial terms were not disclosed.
"Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination," said Jeffery Yabuki, president and chief executive officer at Fiserv, in a press release. "PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders."
The deal follows Fiserv's $88.7 million acquisition of U.K. mobile payments vendor Monitise in mid-June.
PCLender CEO Lionel Urban says Fiserv will help the LOS expand its platform.
"Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients," Urban said in a press release. "We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their customers."
The Fiserv acquisition marks the third time in six years that the PCLender LOS has changed hands. In 2011, Urban sold PCLender to Lender Processing Services, the predecessor to Black Knight Financial Services. It was put up for sale less than three years later, when Urban bought it back and ran it as a standalone company.
Fiserv, coincidentally, is no stranger to mortgage software repeatedly trading hands. Fiserv acquired LOS vendor Del Mar Database in 2005, renamed it Del Mar DataTrac and wound up selling it to a private equity firm run by Del Mar's former executive chairman less than three years later. In August 2011, Del Mar DataTrac was purchased by Ellie Mae.