Wolters Kluwer Financial Services and Fidelity National Information Services (NYSE:FIS) today announced plans to integrate Wolters Kluwer Financial Services' loan modification document solutions and industry-leading compliance content into the loss mitigation module of Fidelity National Information Services' Desktop platform.
FIS Desktop is a robust work flow, document and expense management system that provides mortgage lenders, servicers and investors with powerful business management technology to help manage the entire post-origination loan cycle, from loan acquisition and boarding through loss mitigation and real estate-owned (REO) property disposition. The loss mitigation module is available to all servicers and is integrated with FIS' industry-leading Mortgage Servicing Package (MSP) platform, as well as other servicing platforms.
With the integration of Wolters Kluwer Financial Services' Desert Document Services repository of standardized documents into FIS' Desktop solution, servicers will have the ability to automatically generate federal and state compliant documents on a nationwide basis. This will help them eliminate the need to maintain and track loan modification documents on a state-by-state basis to ensure ongoing regulatory and recording compliance. The integration will also enable servicers to customize loan modification documents and packages as needed. And the Desert Document Services platform's robust change management capabilities will provide FIS' servicing clients with rapid implementation of any document requirements driven by investors or regulatory agencies.
"We're excited about the opportunity this new initiative with Fidelity National Information Services presents to servicers and their borrowers," said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. "The complex array of investor requirements tied to loan modifications can sometimes slow servicers' progress in helping their borrowers avoid foreclosure. By partnering with trusted providers such as Fidelity and Wolters Kluwer Financial Services, servicers can implement their loan modification programs rapidly and with the confidence that each transaction is compliant with investor and any future regulatory requirements."
"We chose Wolters Kluwer Financial Services because of its compliance strength and ability to rapidly set up customized loan modification agreements and packages that meet investor requirements," said Laura MacIntyre, chief operating officer for the FIS Desktop group. "They can support rapid implementations while minimizing compliance risk and that is critical to us and our customers."
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