ISGN Corporation, a Bensalem PA-based provider of end-to-end technology solutions and services to the U.S. mortgage industry, has secured $30m in new funding.
Investors include existing backers New Enterprise Associates, IndoUS Venture Partners and CFCL Overseas Limited, a KK Birla company.
The company intends to use the funds 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.
ISGN has allocated a portion of the funding to create an infrastructure designed to enable customers to comply with regulations set by the Dodd-Frank Act and Interagency Appraisal and Evaluation Guidelines. Some of the 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.
Led by CEO Krishna Srinivasan, ISGN provides mortgage technology and services to more than 1,000 customers, including large global banks and top lenders in the country. The company currently employs more than 1,000 people across 7 domestic centers and two international facilities.