Fiserv Buys Default Management Firm

Fiserv Inc., Brookfield, Wis., has acquired Lenders Financial Services, Agoura Hills, Calif., a nationally recognized provider of default mortgage management products and services.The terms of the transaction were not disclosed, but Fiserv said it expects the acquisition to add about $8 million to 2003 revenues. LFS provides tools to value, maintain, and dispose of properties -- most of which are abandoned, in default, or classified as other real estate owned. Through a nationwide network of approximately 20,000 appraisers and real estate agents, LFS's 24 employees process about 7,000 appraisals and broker price opinions monthly. Fiserv is an independent, full-service provider of integrated data processing and information management systems to the financial industry. It can be found online at http://www.fiserv.com.