Fidelity and REO.com Join Forces

Fidelity Information Services, formerly Alltel, has entered into a strategic alliance with REO.com to develop an interface that will pre-populate fields on REO.com's website with data from Fidelity's Mortgage Servicing Package to reduce costs for lenders and those involved in the management of defaulted loans.

REO.com, based in Sacramento, Calif., provides the Offer Management System as well as an online marketplace for distressed real estate-owned properties. These services allow investors to make offers on properties that have been removed from foreclosure due to a lack of sufficient bids.

By placing the property on the REO.com website, customers can view properties and make bids through an agent, who can then either accept or reject the offer or make a counteroffer.

With this interface, MSP will automatically populate certain REO.com data fields, increasing the accuracy and efficiency of the process, according to Fidelity.

"Since Fidelity Information Services processes nearly half of all U.S. residential mortgages, the alliance will allow REO.com to offer large volumes of properties through its Offer Management System while providing a significant additional distribution channel for Fidelity clients," said Bruce Andrews, executive vice president of corporate development at Fidelity Information Services.

Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Next in News ►