Canada's Paradigm Quest selects Fidelity for mortgage processing

Source: Fidelity Information Services

Fidelity Information Services (FIS), a division of Fidelity National Financial, Inc. (NYSE: FNF), announced today that its Canadian Division has signed an agreement to supply software and ASP processing services to Paradigm Quest, Inc. of Toronto, Ontario, Canada.

As part of the agreement, Paradigm will implement Fidelity Profile, a comprehensive strategic banking application. Profile supports a wide range of customer, product build, deposit, lending and payment functionality for the retail banking environment. Profile's flexible, open framework supports the full breadth of lending products - including mortgages, home equity lines of credit and unsecured credit, both fixed and revolving - from a single platform. Paradigm will utilize Profile to automate its mortgage servicing and administration and manage its entire portfolio of residential credit products.

"We chose FIS because they were completely aligned with our business vision. As an aggressive new entrant in the Canadian real estate servicing market, it was imperative that we associate ourselves with a proven technology solution provider that could not only enable us to quickly create, launch and service new, innovative products and processes, but who was able to offer us commercial terms that would match our long-term growth strategy," said Kathy Gregory, chief executive officer and president of Paradigm. "We wanted an integrated scaleable solution and we weren't interested in piecing together multiple third-party technologies to meet our needs. Using Profile as the core servicing technology, FIS and its partners offer an all-encompassing, straight-through-processing solution. Coupled with our extensive real estate lending expertise, this solution will support our ultimate mission to revolutionize the archaic mortgage operations/servicing that exists today."

"FIS has created a market-leading, next-generation ASP servicing solution for Canadian lenders," said Gordon Conlin, Fidelity Information Services' managing director. "We are confident Paradigm will realize a significant competitive advantage from our solution and services, including greater flexibility in their use of capital and the capacity to seamlessly accommodate their growing business. We look forward to a long, successful relationship with Paradigm."

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