EMC Mortgage Corporation outsources tax processing to FIS

Source: Fidelity National Information Services

Fidelity National Information Services (NYSE:FIS) today announced that EMC Mortgage Corporation (EMC), a wholly owned subsidiary of The Bear Stearns Companies (NYSE:BSC), has signed a multiyear contract to outsource its tax processing to Fidelity National Tax Services, (FNTS), an FIS-affiliated service entity.

FIS provides a wide range of real estate tax services and data to mortgage lenders and servicers nationwide, through in-source and outsource solutions.
Specifically, FIS' automated escrow reporting and payment system enables all escrowed taxes to be reported and paid on a timely basis without penalty or loss of discount. Additionally, FIS' comprehensive delinquency management program helps mitigate the loss of properties to tax sale and accommodates the diverse tax requirements of multiple geographic locations.

By leveraging these services in an outsourced environment, EMC will be able to provide improved customer support and realize enhanced efficiency, increased capacity and mitigated risk.

"From a servicing standpoint, the contract with Fidelity National Tax Services represents an easy transition and creates a win-win situation for EMC and FIS," said Bill Glasgow, Jr., executive vice president of Loan Administration for EMC. "EMC customers will benefit from FNTS' comprehensive service, and EMC can be confident that its tax processing will be completed in an accurate and timely manner."

"Fidelity National Tax Services' existing client relationships with various EMC vendors, our newly enhanced technologies and recent integration initiatives will enable EMC to further streamline its business processes," said Eric Swenson, president of FIS' Mortgage Information Services division. "This new business relationship is intended to create an overall better borrower experience."

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