London Bridge for Sale?
Fidelity National Financial here, the "PacMan" of vendor acquisitions, may be poised to strike again.
Sources say London Bridge has put its mortgage technology assets up for bid and FNF - which is trying to become a "bundled services" behemoth - is a leading bidder.
Both London Bridge, which is based in Atlanta, and FNF, declined to comment as Mortgage Servicing News went to press.
One mortgage technology executive told MSN that London Bridge has been actively trying to sell its mortgage assets, which include both origination and servicing systems.
London Bridge's U.S.-based products include the "LSAMS" servicing system, and "The Mortgage Originator" loan origination software series.
LSAMS is the old Servantis system, which at one time was owned by secondary market giant Fannie Mae. LSAMS has about 30 customers, said one technology official.
A little more than a month ago FNF bought the mortgage technology assets of Alltel in Jacksonville, Fla. Alltel was the largest player in mortgage servicing technology systems.
Earlier this year FNF bought Lenders Service Inc., Pittsburgh, a closing services firm.
FNF bills itself as the nation's largest provider of title insurance and other real estate/mortgage-related products and services. It is also a large player in the title insurance market.
The publicly-traded FNF had total
revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million.
Copyright 2003 Thomson Media Inc. All Rights Reserved.