Fiserv Adds Lenders Financial Services to Acquisition List

BROOKFIELD, Wis. – Fiserv began the first full business week of 2003 with an acquisition, picking up Lenders Financial Services, a provider of default mortgage management products and services. Based in Agoura Hills, Calif., LFS specializes in technology that banks and credit unions use to value, maintain and dispose of properties, and services a network of 20,000 appraisers and real estate agents. Terms were not disclosed, but Fiserv said it expects the deal to add about $8 million to 2003 revenues. "Through the acquisition of Lenders Financial Services, we continue to build our portfolio of technology solutions for the lending and servicing industries," said Fiserv CEO Leslie Muma. "LFS has achieved great success by developing a niche of serving lenders and servicers dealing with distressed pre- and post-foreclosure assets," Muma said.