Source: Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE:FIS) announced today it has acquired Watterson Prime, LLC, a leading provider of due diligence services to financial institutions worldwide.
FIS delivers technology and services to support every aspect of the mortgage industry, from originations to servicing to settlement. Watterson Prime provides outsourced loan due diligence services to Wall Street investors and other financial institutions that invest in and securitize mortgage loans. The due diligence process includes evaluating the integrity of the data used in underwriting the original loan, performing an assessment of the collateral used for the loan and ensuring the loans are compliant with federal and other regulations.
As a result of this acquisition, Watterson Prime's due diligence services will be integrated with other FIS service offerings, such as the FIS Hansen Quality HQ Score, and will allow investors and other participants in the mortgage capital markets to obtain fully integrated service delivery for their contract finance needs. The FIS HQ Score, available in PRO and PREVIEW, was the first collateral risk score adopted by Wall Street investors and protects clients against property valuation fraud and overvaluation risk.
"This acquisition expands our product breadth and our ability to assess risk and certify the quality of mortgage portfolios," said Eric Swenson, president of the Mortgage Information Services division of FIS. "It also enables us to develop innovative products and provides us with a competitive advantage in the marketplace."
"We are delighted to be working with FIS as we continue to help our clients with new ways to reduce risk in the mortgage capital market," said Bruce Watterson, president of Watterson Prime. "FIS has the capital, the technology and the commitment to help our customers become increasingly more profitable by enabling them to make better informed decisions."
The transaction closed on Nov. 1, 2006. Financial terms of the transaction were not disclosed.