New funding from firm's current investors, New Enterprise Associates, IndoUS Venture Partners and CFCL Overseas Limited, a KK Birla company.
BENSALEM, PA, ISGN Corporation, a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, has secured $30 million in new funding from its current investors - New Enterprise Associates (NEA), IndoUS Venture Partners (IUVP) and CFCL Overseas Limited, a KK Birla company.
The company plans to use the investment to develop new products and further expand and grow its mortgage processing services, as well as to pay off outstanding debts related to its acquisition of Fiserv's fulfillment services business in 2010.
Fueled by this funding, ISGN is continuing its path to become one of the largest and most diverse providers of mortgage technology and services in the US. The company is continuing to assemble a world-class management team with deep domain expertise in this Industry, a strategy it initiated since its inception.
Recent new regulations set forth by the Dodd-Frank Act and Interagency Appraisal and Evaluation Guidelines have established new requirements, and lenders are struggling to find a way to comply. In an effort to help ensure that their clients transact high quality, compliant mortgages, ISGN has allocated a portion of the funding to create an infrastructure that ensures compliance with all new guidelines and regulations. Some of the company's new services include an appraiser-assisted AVM (automated valuation model) cascade, AVM with property condition reports, managed valuation products and appraiser parity that supports the "customary and reasonable" fee requirement.
"We are continuing to see growth despite one of the most difficult periods in the American housing market's history. We were prudent when the market constricted and are now ready to pursue strategic growth initiatives," said Krishna Srinivasan, CEO of ISGN. Shyam Bhartia, ISGN's chairman of the board added, "We are bullish about ISGN's growth prospects, Krishna's leadership and the management team."
ISGN is a leading provider of mortgage technology and services. A fast-growing company with more than 1,000 customers, including large global banks and many of the top ten lenders in the country, ISGN's product line includes a complete range of solutions for lenders, brokers and servicers. ISGN is funded by the highly-regarded venture firms New Enterprise Associates (NEA) and IndoUS Venture Partners (IUVP), and by CFCL Overseas Limited, an SPV of Chambal Fertilisers and Chemicals Limited, a KK Birla company, one of the largest and oldest business houses. Based in Bensalem PA, ISGN now employs more than 1,000 people across 7 domestic centers and two international facilities.
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