Fidelity entered into a co-marketing agreement with MSTD in 2001 to sell BITB to Fidelity servicing customers. The Web-based collection application has been enhanced with the availability of an extract that electronically feeds data from the MSP system of record to BITB, and in turn posts XML-formatted data back into MSP. In addition to the standard extract that is currently available, plans are underway to increase the number of MSP fields that update BITB. Fidelity now makes
BITB available to all of its servicing customers and outsourcers with the MSP interface.
"Automated delivery of the MSP extract to BITB and real-time updates back to MSP will significantly enhance the loss mitigation effort," said Bruce Andrews, executive vice president of business partners for Fidelity. "We are pleased to offer our clients a loss mitigation solution that will allow them to assess the borrower's current financial picture and formulate an effective workout strategy with greater confidence than was possible without the MSP interface."
"BITB is currently in production or under contract to mortgage servicers who manage approximately 18 percent of the mortgages in the United States, most of which are serviced using MSP," said Cam Melchiorre, executive vice president of MSTD. "Connectivity with MSP adds significant value to our mutual MSTD/Fidelity clients and reinforces the value of our partnership in enhancing Fidelity's suite of default servicing applications with a proven loss mitigation solution."
MSTD Inc. of Baltimore, Maryland is a value-added application service provider for the residential mortgage servicing and unsecured credit industries. For more information, go to: www.bitb.net.
Fidelity National Financial, Inc., is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information
Services, Inc., which has clients in more than 50 countries. It processes approximately 46 percent of all U.S. residential mortgages, with balances exceeding $2.9 trillion and has processing and technology relationships with 48 of the top 50 U.S. banks who rely on Fidelity Information Services Inc.'s processing and outsourcing products and services. Fidelity Information Services processes 28 percent of all mortgage and consumer loans in the United States.