JACKSONVILLE, Fla. Fidelity Information Services (Fidelity), a division of Fidelity National Financial, announced a multi-year plan to re-architect its core servicing system to meet the future needs of clients.
"Fidelity purchased ALLTEL Information Services in early 2003 primarily because the Mortgage Servicing Package (MSP) offered a leading servicing product that we could make more powerful for our customers," said William P. Foley, II, chairman and chief executive officer of Fidelity National Financial. "Fidelity is committed to investing in this system to ensure long-term client satisfaction."
Fidelity, which currently services 46 percent of the outstanding mortgage loans in the United States, recently invested more than $16 million in state-of-the-art infrastructure as a first step in this process. The MSP re-architecture will increase scalability, maintain the reliability for which the system is known and lay the foundation for continued support and growth.
"MSP provides servicing automation for a large percentage of the loans in this country, including most of the top 10 servicers," said Dan Scheuble, executive vice president of Solutions Management at Fidelity Information Services. "These clients have partnered with Fidelity because they know we have the most reliable system and the financial support to ensure the system meets future needs. In addition, Fidelity has the technology expertise, professional services and customer support that will guarantee their success."
A main precept of this re-architected servicing system is to put the majority of the servicing functionality in the core system and eliminate the need for add-on workflow products.
"There may be optional components that complement the system, but all the functions that enable clients to be low-cost servicers with a competitive advantage will be included in the core servicing system," Scheuble said.
While re-architecting the system, Fidelity will continue to maintain and enhance MSP to ensure customers receive the reliability and stability on which they have come to depend. Beginning in 2004, Fidelity plans to roll out the re-architected system in phases, with deliverables every several months. The first roll out will include enhanced data services capability.