Founded in 1972, INFONAVIT is a social organization dedicated to the service of the countryâs workforce, with assets of $26 billion. Its mortgage portfolio consists of 1.8 million loans, projected to reach 3 million in the next five years, according to Eloy GarcÃa, INFONAVITâs servicing vice president.
"The ALS system will provide us the ability to offer new loan products quickly while at the same time lowering our development costs," said Mr. GarcÃa. "Fidelity Information Serviceâs experience around the world in delivering software to financial institutions has given us the confidence to move forward with this initiative, which will support our goal to grant and service about 2 million loans between 2001 and 2006, almost the same number that the Institute processed between its foundation and 2000.
"We know with the ALS product, we are receiving the benefit of proven methodologies, best practices and the most widely used standard application platform in the business."
Additionally, Fidelity Information Services has formed a business partnership with IBM Mexico to tailor the solution to meet the unique needs of INFONAVIT.
Mexican law requires companies in Mexico to contribute to the National Housing Fund for the granting of inexpensive and sufficient mortgage loans to their workers. The fund is managed by INFONAVIT, which is ruled by a three-party board formed by representatives of the government, unions and private sector. INFONAVIT is the eighth largest mortgage service manager in the western hemisphere.
"The Advanced Lending Solution product has a track record of reliability and accountability that makes it the obvious choice for financial services organizations of any size," said Prakash Jalihal, Fidelity Information Servicesâ managing director for Latin America and Caribbean operations. "The ALS system supports all retail lending products, including direct and indirect loans, credit lines, installment loans and variable rate offerings."
For additional information, contact:
Carol Cassil, 501.220.7402
Fidelity Information Services