MERS and EDS Renew Contract
EDS has renewed a pair of contracts valued at over $50 million for information technology and business process outsourcing services with Mortgage Electronic Registration Systems, Inc., better known as MERS.
"We are working with EDS to move the mortgage industry toward a paperless environment by creating a universal system for electronic mortgage registrations and tracking of ownership," said R.K. Arnold, president and CEO of MERS.
"Our long relationship with EDS has helped us become an essential player in streamlining the mortgage process, and will help us develop new e-commerce markets in the future. Our goal is to register every mortgage loan in the U.S. on the MERS system."
The first agreement is a seven-year renewal for leveraged customer relationship management services.
Under terms of a separate seven-year renewal, which was signed earlier, EDS will continue to provide application maintenance and support for the MERS product portfolio; host MERS applications that are accessible to members via the Internet; and manage the networks that connect MERS members to these applications so they can access them via the Web and/or private frame relay circuits.
EDS also added the capability to allow subscribing MERS members direct online access to their data on the MERS database for reports and analysis.
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