Fidelity Provides Interface to BITB
Fidelity National Financial, a Fortune 500 provider of real estate and financial services products and services, announced that Fidelity Information Services (formerly Alltel) has completed an interface of its Mortgage Servicing Package with MSTD's software to improve efficiencies in collections and loss mitigation.
Fidelity entered into a co-marketing agreement with MSTD in 2001 to sell the firm's BackInTheBlack (BITB) software to Fidelity's mortgage servicing customers. The Web-based BITB collection application has been enhanced with the availability of an extract that electronically feeds data from the MSP loan automation system to BITB, and in turn posts XML-formatted data back into MSP. In addition to the standard extract that is currently available, plans are under way to increase the number of MSP fields that update BITB. Fidelity now makes BITB available to all of its mortgage 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."
Cam Melchiorre, executive vice president of MSTD, said BITB is currently in production or under contract to mortgage servicers that manage about 18% of mortgages outstanding in the United States, most of which are serviced using MSP for automation purposes.
"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," Mr. Melchiorre said.
MSTD, Baltimore, is a value-added application service provider for the residential mortgage and unsecured credit industries. The company's website is www.bitb.net.
Fidelity Information Services, a subsidiary of Fidelity National Financial, processes about 46% of all U.S. residential mortgages, with balances exceeding $2.9 trillion. The firm has processing and technology relationships with 48 of the top 50 U.S. banks. Fidelity Information Services says that it processes 28% of all mortgage and consumer loans in the United States.
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