Bank of America and Fidelity National Financial have formed a joint venture to create a business process outsourcing (BPO) service for mortgage lenders and other mortgage market participants in the US.
The 50/50 venture, called Financial ServiceSolutions, will deliver technology, staff and process solutions to clients to support a range of services from initial applications through to closing and account set-up.
The firms will develop an integrated, end-to-end mortgage fulfillment platform using technology from Real EC, which will allow lenders to imbed their own proprietary business rules in the system.
Greg Sullins, president and chief executive officer, Financial ServiceSolutions, says: "We have created a utility for the industry that will help lenders drive growth of their brand, while our venture helps them drive down costs and deliver mortgage products with a more predictable, reliable and consistent customer experience."
Bank of America has also teamed with Fidelity National Information Solutions (FNIS) to form Financial ServiceSolutions Information Systems (FSIS), which will act as the software development arm for the mortgage outsourcing service.