Wolters Kluwer Financial Services Acquires the Assets of Stewart Lender Services' Flood Determination Business
MINNEAPOLIS – Jan. 03, 2008 – Wolters Kluwer Financial Services announced today that the company 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.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne® GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.wolterskluwerfs.com/.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
About Stewart Lender Services
Stewart Lender Services, Inc. is a leading provider of mortgage information and services that accelerate loan origination process and reduce costs associated with post closing and loan servicing functions. SLS’ suite of products and services includes: credit, valuation products, nationwide title and settlement services, electronic mortgage documentation solutions and background checks. Online Documents Inc. a subsidiary of SLS, offers three-day initial disclosure and closing document packages for all 50 states within minutes of a request, and maintains a library of more than 50,000 documents pertaining to virtually all loan type and every major investor in the residential mortgage lending market.
About Stewart Information Services Corporation
Stewart Information Services Corp. is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com/.