Fidelity Information Services (Fidelity), a division of Fidelity National Financial (NYSE:FNF), announced today that it has renewed its agreement to provide U.S. Bank Home Mortgage, a division of U.S. Bank and the nation's 16th largest mortgage servicer, with software and services to support the bank's portfolio of more than 475,000 mortgage loans.
Additionally, U.S. Bank Home Mortgage plans to transfer the loan portfolio of its recently acquired The Leader Mortgage Company, one of the nation's largest Housing Finance Agency servicers, to Fidelity's Mortgage Servicing Package (MSP) system by the second quarter of 2004.
"Fidelity is a model business partner for us," said Robert J. Smiley, senior vice president, U.S. Bank Home Mortgage. "They understand our business and have worked with us to help us maximize efficiency to achieve and maintain a low cost of servicing. Additionally, we have aggressive goals to grow our portfolio, as exemplified by The Leader Mortgage acquisition, and we are confident Fidelity will successfully support our growth."
Smiley is an active member of the Fidelity Mortgage Advisory Board, which helps set the strategic objectives for Fidelity's product development initiatives.
As part of this renewal, and after The Leader Mortgage Company loans are transferred to Fidelity's system, U.S. Bank Home Mortgage will use MSP to service their entire mortgage loan portfolio, which is currently valued at more than $60 billion.
"As a leader in the mortgage servicing industry, U.S. Home Mortgage works closely with us to ensure they are deriving the best value from our system," said Hugh Harris, president of Fidelity Information Services' mortgage division. "We appreciate the opportunity to work with them as a business partner and look forward to the value and benefits they will derive from the multimillion dollar enhancements we are making in our infrastructure."