Fiserv acquires mortgage technology firm

Fiserv Inc. said Tuesday it has acquired the assets of a Nevada company that specializes in mortgage lending technology.

Terms of the deal for PCLender LLC, of Reno, weren’t disclosed.

Fiserv, a Brookfieldbased financial technology company, said the acquisition would enhance the firm’s mortgage origination services. The company said PCLender offers easy-to-use internet-based mortgage software for banks, credit unions and mortgage lenders.

“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” Jeffery Yabuki, president and chief executive of Fiserv, said in a statement announcing the deal. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

David J. Koning, a stock research analyst for Milwaukee’s Robert W. Baird & Co., characterized the acquisition as a small one for Fiserv.

He said in a research note that while the deal won’t add much revenue to Fiserv, it is intended to beef up the suite of mortgage origination services Fiserv can offer to financial institutions.

Also on Tuesday, Fiserv reported that secondquarter profits were up 4.2% from a year ago, to $221 million from $212 million, on higher revenue.