Fiserv will continue to own the remaining 45% equity interest in the lending solutions business.
Fiserv lending solutions business provides automotive lending origination technology, automotive lending servicing technology and process solutions.
The business also offers comprehensive mortgage and consumer loan servicing solutions
The joint venture (JV) will comprise Fiserv’s automotive loan origination and servicing products, as well as related operations. It will also include LoanServ mortgage and consumer loan servicing platform.
Fiserv will hold Secure Lending product for e-contracting and its UniFi mortgage origination solution.
The new JV will also collaborate with Fiserv to deliver account processing, integrated billing and payments and LoanComplete solutions.
Fiserv lending solutions current president Bret Leech will continue to manage the business, and will help business focusing on delivering advanced borrower-centric technology and processing solutions.
Subject to customary closing conditions, the deal is expected to complete in the first quarter of this year.
Fiserv president and CEO Jeffery Yabuki said: "Fiserv is committed to delivering value for clients, and we expect this partnership with Warburg Pincus to further enhance service and innovation across the lending marketplace.
"In addition, we will continue to provide integration advantages to ensure that our collective clients get the best of both organizations to provide differentiated value for our clients, associates and shareholders."
Warburg Pincus managing director Jim Neary said: "We are pleased to partner with Fiserv and the Lending Solutions leadership team on this new joint venture, which brings together two leading businesses that provide mission-critical solutions to a growing and attractive client base.”
Image: fiserv offices in w:Hillsboro, Oregon. Photo: courtesy of M.O. Stevens.
