Fidelity Information Services (Fidelity), a division of Fidelity National Financial, Inc. (NYSE:FNF), announced that Navy Federal Credit Union signed a multi-year renewal contract for Fidelity's industry-leading mortgage servicing package (MSP).
Navy Federal services more than 183,000 mortgage loans on MSP.
Navy Federal has been a Fidelity client using MSP for more than 25 years. The company renewed its contract because Fidelity continues to provide a solid platform for its mortgage loan processing and a high level of support. MSP, the industry's leading mortgage servicing software, enables Navy Federal to automate all areas of its loan servicing, reduces overall servicing costs and promotes increased productivity.
"Fidelity is constantly improving MSP and is able to anticipate the solutions that are best able to meet our needs and those of our members," said Tom Steele, executive vice president, Lending Department, Navy Federal Credit Union. "Fidelity is more than just a vendor to us - Fidelity is our partner in mortgage servicing."
Navy Federal has also committed to serving as a beta partner for Magnifide MSP, Fidelity's new re-archictected servicing system. Magnifide MSP will increase scalability, maintain reliability and set the foundation for continued support and growth.
In addition, as Navy Federal grows its home equity business, the company uses Fidelity's MSP as the single platform for servicing traditional mortgage loans and equity loans. Leveraging one system to service both types of loans delivers a competitive advantage and reduces risk.
"Navy Federal is a valuable partner to Fidelity, and we look forward to supporting their growth," said Hugh Harris, president of the Fidelity Information Services' Financial Services Technology Solutions division. "We are working on several projects for MSP and developing Magnifide MSP, both of which will provide significant benefits to Navy Federal."