Wolters Kluwer Financial Services Acquires the Assets of Stewart Lender Services' Flood Determination Business
|January 4, 2008
MINNEAPOLIS, -- Wolters Kluwer Financial Services has signed an agreement to acquire substantially all of the assets of Stewart Lender Services' (Stewart's) flood determination business.
Based in Houston and a subsidiary of Stewart Title Company and part of Stewart Information Services Corporation (NYSE: STC), Stewart's flood determination division offers industry-leading solutions including basic certification, basic plus life of loan, portfolio review and commercial flood determinations.
Wolters Kluwer Financial Services' PCi line of flood determination solutions and Stewart's flood determination division offer similar services. Both offer lenders:
- -accurate, efficient and affordable determinations compliant with all federal flood regulations, government agencies and loan servicers and that help ensure the flood determination is maintained throughout the life of the loan;
- a comprehensive up-to-date, online database that provides determinations in a matter of seconds; and
- manual determinations when necessary and answers to any questions regarding exceptions, regulatory implications or overall service issues.
"The combination of Stewart's flood determination business with our own PCi line of flood determination solutions allows Wolters Kluwer Financial Services to expand and strengthen our presence in this space," said Brian Longe, president and chief executive officer for Wolters Kluwer Financial Services. "Both companies share a commitment to offering trusted solutions and exceptional service, and that translates to a seamless transition for Stewart's existing customers."
"Stewart's flood determination solutions are a natural fit with Wolters Kluwer Financial Services' existing compliance analytics solutions," said Don O'Neill, chief executive officer, Stewart Lender Services. "This move will allow Stewart to focus on its core lender service offerings."
The acquisition is expected to close in the first quarter of 2008. Terms of the agreement are not being released.
Source: Wolters Kluwer Financial Services