Fair Isaac Will Sell Mortgage Lender Division

It’s been a tumultuous week of mortgage market news.

In the latest development, Fair Isaac Corp. said Monday that it will soon be selling a major part of its lending division to MortgageHub.

Minneapolis-based Fair Isaac, probably best known as the creator of the FICO, the country’s premiere and most popular credit score system, did not disclose terms of the transaction.

ISGN is the parent company of MortgageHub, a provider of Internet-based systems for the mortgage industry.

The company said that through the deal, MortgageHub is acquiring more than 150 home mortgage loan customers and more than 700 vendor partners through the BridgeLink network.

Fair Isaac insists that its many mortgage loan division customers will experience no disruption to their services and agreements.

According to information provided through a press release, MortgageHub has offered employment to Fair Isaac’s 61 mortgage company employees, who are primarily located in Norcross, Ga.

The mortgage company “is looking to expand aggressively.”

Fair Isaac also said it is considering future alliances with ISGN, but did not elaborate. Fair Isaac’s mortgage lender division was established in 2004.

ISGN Technologies is headquartered in India and has centers in Chennai and New Delhi, with offices in the United States and elsewhere.

SOURCE: Charlotte Business Journal