Fidelity National Information Solutions To Acquire Hansen Quality Loan Services
May 16, 2002
SANTA BARBARA /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS ) has signed a Definitive Agreement to acquire a 55 percent interest in Hansen Quality Loan Services, Inc. (Hansen), a nationwide leader in providing collateral risk assessment and valuation services to the mortgage banking and investment banking industries. The transaction is expected to close before the end of May. Hansen generated revenues of $13.2 million in 2001 and $4.7 million in the first quarter of 2002 and pre-tax income of $2.7 million in 2001 and $1.0 million in the first quarter of 2002.
Hansen is focused on providing collateral score products and automated valuation models. A collateral score is helpful in measuring the adequacy of collateral securing a loan, similar to a credit rating that helps to measure the creditworthiness of a borrower. Hansen's collateral score products include quality control of closed loan appraisals, loan portfolio assessment for securitization or sale, collateral evaluation at the outset of the underwriting process and risk analysis in the extension of credit.
"Hansen's product offerings are a great addition to the data and analytic capabilities of FNIS," said Patrick F. Stone, Chief Executive Officer of FNIS. "Collateral score products are an exciting next generation extension of our suite of automated valuation products and traditional appraisal services and FNIS is positioned to capitalize on the use of analytics in the valuation of real estate. Additionally, the complimentary customer base of the two companies provides the opportunity to expand our existing relationships with loan originators, loan servicing companies and mortgage-backed security investors. We are also excited that Greg Hansen, founder and President of Hansen, will remain as President and continue to manage the operations after the acquisition."
Source: Fidelity National Information Solutions, Inc.