Fiserv already is a significant provider of information technology products and services to the lending industry, but the purchase of Del Mar Database enables Fiserv to expand its offerings to mortgage bankers and other small and mid-sized lenders, said Leslie M. Muma, Fiserv president and chief executive officer.
"This acquisition is another key milestone in our goal of building the industry's most complete information technology solution set for the lending industry," Muma said.
Del Mar Database offers a variety of solutions to automate the back office for mortgage bankers and other lenders. The company's products, including DataTrac(R) and WebTrac(R) Pro, serve as a hub in the loan processing cycle by linking loan origination systems and relevant ancillary products while providing additional functional, process management and security tools.
Del Mar Database products also offer advanced functionality, including document imaging and pricing applications, and enable lenders to gain multi-user access to all of the information needed for loan approval and processing.
"Del Mar Database offers products that form the technological heart and soul for mortgage bankers and other small to mid-size lenders," said James C. Puzniak, president of the Fiserv Lending Solutions Group. "This company will be a great addition to what already is one of the lending industry's most dynamic offerings of products and services."
Fiserv Lending Solutions offers a complete suite of products and services for consumer and mortgage lenders. Fiserv's comprehensive lending solution set includes automotive finance portfolio management, vehicle remarketing, mortgage lead management and customer loyalty programs, automated valuation model (AVM) products, mortgage banking software and services, appraisals, broker price opinions, credit reporting, closing services and default management.
"We're very excited about this next step in the evolution of our company," said John Walsh, Del Mar Database president. "We believe that the breadth of Fiserv's products and services, financial resources and industry reputation all support our goal of providing small to mid-size mortgage lenders the best technology and solutions available in the market."
Del Mar Database is headquartered in San Diego and the company's approximately 40 employees, including Walsh, are expected to join Fiserv. Fiserv acquired Del Mar Database from MHT Partners L.P., Timeline Ventures and Titan Investment Partners, LLC.
Del Mar Database introduces new technologies to lenders of all sizes that leverage their existing tools to improve efficiencies, increase profitability and increase pipeline capacity. The firm's proprietary software solution, DataTrac(R), enables lenders to reduce costs, generate greater profits per loan, minimize errors using business intelligence, and fund more loans with fewer people. Founded in 1991, the organization's clients include mortgage lenders, brokers becoming lenders, credit unions and community banks. More information is on the Web at www.delmardb.com.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.