Fidelity and REO.com Announce Alliance to Create Efficiencies in Disposition of Distressed Properties

JACKSONVILLE, Fla. -- Fidelity Information Services (Fidelity), a division of Fidelity National Financial, announced that it has entered into a strategic alliance with REO.com to develop an interface that will prepopulate fields in REO.com's Web site with data from Fidelity's Mortgage Servicing Package (MSP) to reduce costs for lenders and those involved in the management of defaulted loans.

REO.com provides the Offer Management System as well as an online marketplace for distressed and real estate owned properties. These solutions allow investors to make offers on properties that have been removed from foreclosure due to lack of sufficient bids. By placing the property on the REO.com Web site, customers can view properties and make bids through an agent, who can then either accept or reject the offer or make a counter offer. With this interface, MSP will automatically populate certain REO.com data fields, increasing accuracy and efficiency of the process.

"Since Fidelity Information Services processes nearly half of all U.S. residential mortgages, the alliance will allow REO.com to offer large volumes of properties through its Offer Management System while providing a significant additional distribution channel for Fidelity clients," said Bruce Andrews, executive vice president of corporate development at Fidelity Information Services. "This interface will make selling distressed properties easier and more efficient, enabling mortgage companies to turn them into assets instead of liabilities. The automation resulting from a connection between REO.com and Fidelity's MSP will simplify and expedite the REO process."

REO.com will also become a provider to Fidelity's Mortgage PhD, a Web-based clearinghouse of real estate information and services designed for the mortgage industry that allows users to retrieve information and order services from disparate sources with a single sign-on.

"This alliance and interface with the MSP system will reduce cycle time, eliminate redundant data entry, decrease delays and create value for mutual clients and mortgage investors," said Robert Knohl, president of REO.com. "Additionally, as a member of Mortgage PhD, the industry at large is able to benefit from the services we offer and the efficiencies we have created by partnering with a leader like Fidelity Information Services."

The interface will be completed in four phases, with the first phase being completed by year end.

REO.com Inc., headquartered in Los Angeles, is a leading provider of real estate related workflow products, property listings and offer management services to the real estate industry. The Company has extensive experience in the default management and electronic real estate industry.

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