Chase has selected the Fidelity National Information Services' Inc. (NYSE: FIS) Mortgage Servicing Package (MSP) to replace and upgrade multiple legacy software platforms for servicing its $600 billion portfolio, the companies announced today.
"We continue to invest in our core mortgage business to improve loan servicing for both customers and other mortgage originators," said Scott Powell, executive vice president of Chase, the consumer brand of JPMorgan Chase & Co. (NYSE: JPM). Chase services its own loan portfolio as well as provides servicing for third-party loans.
Over the next two years, Chase will replace and upgrade multiple servicing systems, streamlining business processes and providing faster rollout and better support for new products. The updated system also will reduce costs, handle larger volumes and improve disaster recovery capability.
"We look forward to helping Chase leverage the MSP system to improve the value it delivers to customers and to supporting the company's continued growth," said Dan Scheuble, president of FIS' Mortgage Division.
An industry leader, Chase offers a comprehensive range of home finance products and services to meet customer needs. It originated $128 billion in mortgage loans and $54 billion in home equity lines and loans in 2005, ranking it among the largest mortgage originators in the country. It also purchases servicing rights to mortgage portfolios.