FNF Fidelity National Financial Inc

JACKSONVILLE, Fla., Oct. 24 /PRNewswire-FirstCall/ -- Fidelity National Default Solutions, a division of Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products, services and technology solutions to the financial and real estate industries, today announced that its NewTrak(TM) process management solution has processed more than one million bankruptcy and foreclosure transactions since its inception 20 months ago. NewTrak's rapid success stems from its ability to simplify workflow and process management, which results in reduced cycle-times and improved efficiencies for servicers and vendors alike. According to Scott Barnes, Sr. Vice President of Operations for Fidelity National Foreclosure Solutions (FNFS), whose clients include two of the nation's top six prime servicers and 10 of the top 20 non-prime servicers, "Since we've implemented NewTrak, our clients have reduced the number of days required to process foreclosure and bankruptcy motion for relief matters by an average of 22 and 6 days respectively, saving investors an average of $770 per foreclosed loan and $210 per non-performing bankruptcy." In addition to compressed cycle-times, NewTrak's powerful workflow automation and a simplified user interface have also reduced training expenses and improved overall productivity for FNFS, it vendors and clients. According to Gregory Whitworth, President & COO of FNFS, the real-world impact has been significant. "We have been scoring vendor compliance and efficiency for many years and the improvement since the inception of NewTrak has been spectacular," Whitworth stated. "Prior to NewTrak, our vendors completed an average of 55% of their events or 'steps' in legacy Internet systems. As a result, our staff was required to email, phone or fax repetitively for file statuses -- even though we used an online Internet portal that allowed vendors to provide updates directly; this was an extremely inefficient exercise for FNFS employees and vendors alike. Now that we are on NewTrak, the same vendors routinely complete more than 99% of their assigned steps without employee intervention -- completely eliminating this work for our staff. This improvement has significantly lowered our per-file cost of service and provided tremendous scale in an otherwise manual environment," Whitworth concluded. Another NewTrak success story has been the introduction of its Fees & Cost module, which uses business intelligence and performance scoring to return vendor fee and cost estimates to Loss Mitigation Specialists in minutes -- not days. According to Scott Barnes, "Our clients now request fees and costs in NewTrak and the system does the rest. The Loss Mitigation Specialist doesn't even have to know what vendors have provided services on the loan. The vendors are now turning these requests in 90 minutes on average and trailing expenses in a payoff or reinstatement have been completely eliminated." "We believe a timely response to borrower fee and cost requests is good business," Whitworth stated. "It reduces borrower frustration and increases the likelihood of mitigating the non-performing loan. In fact, our analytics indicate that our graduated fee schedule, in concert with our compressed quote turn-times, have reduced reinstatement and payoff fees by 20% or $240 per reinstatement -- which helps borrowers stay in their homes." Thus far, NewTrak has proven to be ideal for default processing, providing exceptional flexibility that enables servicers and vendors to collectively improve upon the delivery of work product. Unlike its closest competitors, however, NewTrak is not a "hard-coded" default management tool. According to Dennis Stemmle, Sr. Vice President of NewTrak Operations, this dynamic flexibility has allowed NewTrak to rapidly proliferate throughout the mortgage servicing back office into tangential areas that are simply unsupported by other hard-coded applications. Stemmle stated, "Taking advantage of the application's flexibility, NewTrak clients have now developed more than 50,000 unique processes with more than 17,000 industry personnel seamlessly communicating via an extremely easy- to-use application. Some of NewTraks' vendor partners now include attorneys, service of process and publication companies, tax outsourcers, title companies, preservation and property inspection companies, REO outsourcers, and claims processing outsourcers. NewTrak's ultimate market niche appears to be limited only by the collective imagination of our clients -- and believe me, we have some creative clients," he concluded. For more information about NewTrak, please contact Dennis Stemmle at 904-470-7705 or via email at . About Fidelity National Financial Fidelity National Financial, Inc., number 261 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. FNF had total revenue of nearly $8.3 billion and earned more than $740 million in 2004, with cash flow from operations of nearly $1.2 billion for that same period. FNF is the nation's largest title insurance company, with nearly 31 percent national market share, and is also a provider of other specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its majority-owned subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of technology solutions, processing services and information services to the financial services and real estate industries. FIS' software processes nearly 50 percent of all U.S. residential mortgages, it has processing and technology relationships with 45 of the top 50 U.S. banks and more than 2,800 small and mid-sized U.S. financial institutions and it has clients in more than 50 countries who rely on its processing and outsourcing products and services. FIS also provides customized business process outsourcing related to aspects of the origination and management of mortgage loans to national lenders and servicers. FIS offers information services, including property data and real estate-related services that are used by lenders, mortgage investors and real estate professionals to complete residential real estate transactions throughout the U.S. More information about the FNF family of companies can be found at http://www.fnf.com/ and http://www.fidelityinfoservices.com/ . This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, +1-904-854-8120, or ; or Darcy Patch, Senior Vice President of Marketing, Office of the Enterprise, +1-949-477-1173, or , both of Fidelity Web site: http://www.fnf.com/ http://www.fidelityinfoservices.com/

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