Wells Fargo extends licence for Fidelity mortgage servicing package

Source: Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. (FIS) today announced that Wells Fargo Home Mortgage has signed a multiyear contract extension for FIS' Mortgage Servicing Package (MSP).

Wells Fargo currently services more than 7.9 million loans using MSP and has leveraged the MSP platform for more than 20 years. MSP is used in all areas of Wells Fargo's mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting.

"Through this industry-leading servicing platform, as well as other products and services, FIS delivers a great deal of value to Wells Fargo," said Mary Coffin, executive vice president of loan servicing for Wells Fargo. "In fact, we have leveraged FIS' professional services staff for numerous large projects, including our recent integration of 1.3 million mortgage customers -- our largest acquisition ever. We have expanded our relationship with FIS because of the mortgage solutions they bring to the table."

More than 50 percent of all U.S. mortgages are currently serviced on MSP, which helps lower the total cost of servicing for portfolios of any size. In addition to MSP, FIS also offers an entire suite of mortgage-related solutions to meet the needs of lenders and servicers, from origination through servicing and default.

"Wells Fargo is a leader in the mortgage servicing industry," said Dan Scheuble, president of FIS' Mortgage Processing Services division. "We value the close partnership we share and work to ensure Wells Fargo has the tools to deliver the best service to its customers."

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