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Fidelity and Filogix deliver mortgage processing platform to Canadian market

22 November 2004  |  601 views  |  0 Source: Fidelity Information Services

Fidelity Information Services ("Fidelity"), a division of Fidelity National Financial, Inc. (NYSE: FNF), today announced a partnership agreement with Filogix, a premier provider of mortgage and real estate solutions.

Through this partnership, the companies will provide the Canadian marketplace with collaborative, straight through processing of residential mortgages through an integrated solution designed for financial institutions, mortgage banks, and mortgage professionals.

The solution combines Fidelity's Profile, a mortgage servicing software system, filogix expert(TM), a point-of-sale application and filogix express(TM), a mortgage processing solution using directed workflow and business rules. The integrated offering provides a cost-effective and flexible solution for managing an entire portfolio of residential credit products including home equity line of credit, and will provide seamless processing from initial customer inquiry through to loan discharge.

filogix expert(TM) and filogix express(TM) enable mortgage-related transactions between originators, lenders, creditor insurance companies, credit bureaus, mortgage insurers and other trading partners connected to the Filogix network, minimizing administrative overhead and streamlining the support functions of mortgage origination and processing.

Profile is a comprehensive and flexible mortgage servicing and administration solution that provides real time access to holistic customer and product data as well as transaction routing, clearing and settlement. The solution can be adapted to any size organization, is scalable and channel independent. Profile is already being used by numerous Canadian and U.S. financial institutions and banks throughout the world.

The Filogix solutions are tightly integrated to the Fidelity solutions allowing the systems to work as one, saving customers the time and cost of integrating various systems in the overall mortgage processing life cycle.

"We were looking to partner with an established provider and Filogix has proven capabilities and strong relationships with Canadian mortgage originators, third-party originators and lenders," said Jim Manfuso , Executive Vice President of Fidelity Information Services. "Integrating their best-of-breed origination and workflow application and their network of trading partners, with our mortgage servicing solution will help our customers improve operational efficiencies, minimize risk and enhance customer service."

"Fidelity Information Services is an established and proven provider of mortgage servicing and administration solutions in Canada and the U.S. and their comprehensive technology platform seamlessly integrates with our origination and processing applications, as well as with our client's existing infrastructure," said John Bordignon, Executive Vice President of Operations at Filogix. "We are excited about partnering with Fidelity. They are recognized as an industry leader and this year alone they have been recognized by Fortune Magazine as being one of 'The Fastest Growing Companies' and by Forbes as being one of the 'Best Managed Companies'.

"This new solution provides lenders of any size with a cost-effective model for building their business. By integrating our products, our new solution will make collaborative straight-through processing of real estate secured loans a reality," added Bordignon.

The new integrated solution will be an ASP offering with an accompanying variable transaction-fee model, thus further reducing capital cost for financial institutions and making the cost of the combined solution fully variable in nature. The new offering will now provide the mortgage industry with new options and products that are flexible and can be implemented in a short period of time.

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