Fidelity National Information Services (NYSE: FIS) today announced that Wachovia Corporation (NYSE: WB) has selected FIS' Mortgage Servicing Package (MSP) to process the bank's mortgage and home equity lines of credit.
Wachovia has been servicing its first-mortgages on MSP for 10 years.
"Expansion of our relationship with FIS across our home equity servicing portfolio is based upon FIS' consistently strong performance over many years and represents a key strategic partnership for us going forward," said Joe Monk, chief information officer for Wachovia's retail channel.
MSP will provide securitization, default, escrow management and regulatory oversight capabilities for Wachovia's home equity loans. In addition, FIS will provide transaction processing services for the credit cards tied to Wachovia's home equity lines of credit. FIS' real- time card access allows Wachovia to obtain a complete solution from a single provider.
"We are pleased to have the opportunity to expand our partnership and are committed to helping Wachovia deliver additional value to its customers," said Dan Scheuble, president of FIS' Mortgage Processing division.