FNF, BoA Form New Companies

Fidelity National Financial Inc., Santa Barbara, Calif., and Bank of America Corp. have announced that they will combine their resources to create two new companies with the goal of providing end-to-end mortgage fulfillment outsourcing.The first firm, called Financial ServiceSolutions LLC, will be a 50/50 joint venture to integrate their technologies and deliver the mortgage fulfillment platform. The second, the technology development arm, will be called Financial ServiceSolutions Information Systems LLC and will be owned jointly by BoA and FNF subsidiary Fidelity National Information Solutions Inc. The technologies that FNF and BoA will bring to bear for new outsourcing customers include the RealEC transaction management platform, which is 60% owned by FNIS, and Lendware, operated by Framework Inc., which was acquired by BoA in February. Greg Sullins will head the new outsourcing firm as president and chief executive officer. He was formerly BoA's senior vice president for quality and productivity. Dwayne Walker, president and chief operating officer of FNIS, will serve as president of FSIS. The companies can be found online at http://www.fnf.com, http://www.fnis.com, and http://www.bankofamerica.com.