Fiserv Buys Web-Based LOS Tech

Fiserv Inc., a Brookfield, Wis.-based provider of information technology services to the financial industry, has announced the acquisition of rights to Portellus Inc.'s loan origination system technology. The terms of the transaction were not disclosed. Fiserv said the acquisition is part of a strategy to bring a common LOS to market that will allow lenders to originate their mortgage, consumer, and commercial loans on one platform. The technology contains a sophisticated, highly scalable rules engine that allows lenders to identify, define, control, and execute specific business processes, the company said. "This technology allows us to offer LOS products to additional market niches, backed by the support of a Fortune 500 company," said Kevin Collins, president of Fiserv Loan Origination Products. Fiserv can be found online at http://www.fiserv.com.