The financial services technology company FIS has expanded its loan software and services business by acquiring CMSI.
FIS, of Jacksonville, Fla., will combine CMSI's underwriting solution with its own closing, servicing and portfolio management capabilities. The shared platform will be offered to direct and indirect lenders across North America.
FIS currently serves more than 14,000 financial institutions in over 110 countries.
"Lending remains the number-one driver of revenue for financial institutions, yet they continue to struggle with inefficiencies created by the use of disparate and siloed lending systems and processes throughout the full loan lifecycle," Rachel Landrum, executive vice president at FIS, said in a press release Monday.
The acquisition price was not disclosed.