Navy Federal Signs Contract to Use MSP
Navy Federal Credit Union has signed a multi-year contract for Fidelity's Mortgage Servicing Package, Fidelity Information Services announced recently.
Fidelity said its software processes nearly 50% of U.S. residential mortgage loans.
Navy Federal currently services more than 183,000 home loans on MSP.
The company said that Navy Federal is also committed to servicing as a beta partner for Magnifide, Fidelity's new re-architected servicing system. Magnified MSP will increase scalability, maintain reliability and set the foundation for continued growth, Fidelity said.
As Navy Federal grows its home equity portfolio, it is using MSP as a single platform for servicing traditional mortgage loans and equity loans.
Navy Federal is the largest credit union in the world with over $24 billion in assets and 2.5 million members. Navy Federal has 106 branch offices worldwide. FIS is a division of Fidelity National Financial, the nation's largest title insurance company and a provider of other specialty insurance and technology services for the real estate and lending industry.
Earlier, Fidelity had also announced that Irwin Mortgage, which services in excess of 225,000 mortgage loans, will use MSP to automate loan setup and maintenance, customer service, cashiering, escrow administration, investor accounting, default management and regulatory reporting.
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