Sagent Lending to buy ISGN and expand its servicing business
Sagent Lending Technologies has agreed to buy ISGN Corp. in a deal that would enlarge the company's loan servicing division.
Sagent — a joint venture formed in 2018 between Fiserv Lending Solutions and private equity firm Warburg Pincus — provides increased efficiency and compliance for both lenders and borrowers. Melbourne, Fla.-based ISGN focuses on software as a service mortgage technology for servicing and construction lending. Construction lending is one area that Fiserv is looking to support, having talked about bolstering the construction lending market since at least the beginning of 2019.
Financial terms of the deal were not disclosed.
"We look forward to having the ISGN clients and team members join our broader Sagent community. Together we will remain focused on providing a superior borrower experience and lowering the total cost of servicing," Bret Leech (pictured above), CEO of Sagent Lending Technologies, said in a press release. "Clients and borrowers expect real-time engagement and access to their data. Like Sagent, ISGN built its offerings to meet these expectations and together we will move forward with an inclusive and comprehensive servicing solution."
The addition of ISGN to the fold enhances Sagent's growth in the long term. It also brings in TEMPO, ISGN's default management software that tracks and manages the default servicing life-cycle for servicers, attorneys and vendors. The main mission of both companies is to improve the overall lending experience.
After drawing interest from the private equity market, Fiserv agreed to sell a majority stake of its mortgage and consumer loan origination and servicing business to Warburg Pincus in February 2018. That business would rebrand as Sagent Lending Technologies in September 2018.