Fidelity Information Services, (Fidelity), a division of Fidelity National Financial, Inc. (NYSE: FNF), has successfully completed a joint project with Instituto del Fondo Nacional de la Vivienda para los Trabajadores (INFONAVIT) and IBM Mexico to convert INFONAVIT's mortgage portfolio from its existing in-house system to Fidelity's Advanced Lending Solution - Servicing Manager (ALS-SM).
More than two million loans at the Mexican institution are now processed using Fidelity's "best-of-breed" ALS-SM solution.
INFONAVIT is the largest mortgage provider in Latin America and the eighth largest mortgage service manager in the Western Hemisphere. Mexican law requires companies in Mexico to contribute to the National Housing Fund for the granting of inexpensive and sufficient mortgage loans to their workers. This fund is managed by INFONAVIT, which is governed by a three-party board formed by representatives of the government, unions and the private sector.
Founded in 1972 and based in Mexico City, INFONAVIT selected Fidelity's leading-edge technology in 2003. After the initial implementation of the software, the joint project team completed the conversion in just eight months.
"We are extremely happy with the platform provided by Fidelity," said Eloy Garcia, INFONAVIT's servicing vice president. "This implementation has allowed us to see tangible results in a very short period of time and provided us with the capability to guarantee the highest quality of service to our valued customers. With a proven and reliable world-class system now fully operational, we are really experiencing an opportunity to expand our business potential. Improved processing efficiencies offering high-speed administration have enabled us to reduce and control our operating costs, manage our portfolio more effectively and greatly advance our customer service."
With approximately 30,000 loan applications to process per month, it has been of utmost importance to INFONAVIT to focus on the needs of a growing customer base. Development of its technology strategy was a vital component of INFONAVIT's vision to achieve its business objectives.
"ALS is a robust, feature-rich system able to handle high volumes of transactions easily and efficiently," said Prakash Jalihal, Fidelity Information Services' managing director for the Latin America & Caribbean region. "In alignment with INFONAVIT's strategy for growth, the system has already delivered visible and real benefits to the core administration of a significant mortgage portfolio. In addition, we are very excited that the fifth largest loan portfolio in the world is processed on ALS-SM. The fact that INFONAVIT is processing over two million loans on ALS-SM is a significant achievement for both INFONAVIT and Fidelity."