Chase Chooses FIS' Mortgage Servicing Software
October 04 2006 - 1:00PM
PR Newswire (US)
Chase will replace multiple legacy platforms for $600 billion
portfolio JACKSONVILLE, Fla. and CHICAGO, Oct. 4
/PRNewswire-FirstCall/ -- Chase has selected the Fidelity National
Information Services' Inc. (NYSE:FIS) Mortgage Servicing Package
(MSP) to replace and upgrade multiple legacy software platforms for
servicing its $600 billion portfolio, the companies announced
today. "We continue to invest in our core mortgage business to
improve loan servicing for both customers and other mortgage
originators," said Scott Powell, executive vice president of Chase,
the consumer brand of JPMorgan Chase & Co. (NYSE:JPM). Chase
services its own loan portfolio as well as provides servicing for
third-party loans. Over the next two years, Chase will replace and
upgrade multiple servicing systems, streamlining business processes
and providing faster rollout and better support for new products.
The updated system also will reduce costs, handle larger volumes
and improve disaster recovery capability. "We look forward to
helping Chase leverage the MSP system to improve the value it
delivers to customers and to supporting the company's continued
growth," said Dan Scheuble, president of FIS' Mortgage Division. An
industry leader, Chase offers a comprehensive range of home finance
products and services to meet customer needs. It originated $128
billion in mortgage loans and $54 billion in home equity lines and
loans in 2005, ranking it among the largest mortgage originators in
the country. It also purchases servicing rights to mortgage
portfolios. About Chase Chase offers mortgages through more than
3,000 bank branches in 17 states and 280 Chase mortgage offices in
32 states, as well as through brokers and correspondents. Chase is
the U.S. consumer and commercial banking brand of JPMorgan Chase
& Co. (NYSE:JPM), a leading global financial services firm with
assets of $1.3 trillion and operations in more than 50 countries.
The firm is a leader in investment banking, financial services for
consumers and businesses, financial transaction processing, asset
and wealth management and private equity. Under the JPMorgan, Chase
and Bank One brands, the firm serves millions of consumers in the
United States and many of the world's most prominent corporate,
institutional and government clients. Information about the firm is
available at http://www.jpmorganchase.com/. About Fidelity National
Information Services Fidelity National Information Services, Inc.
(NYSE:FIS) is a leading provider of core processing for financial
institutions; card issuer and transaction processing services;
mortgage loan processing and mortgage-related information products;
and outsourcing services to financial institutions, retailers,
mortgage lenders and real estate professionals. FIS has processing
and technology relationships with 35 of the top 50 global banks,
including nine of the top 10. Nearly 50 percent of all U.S.
residential mortgages are processed using FIS software. FIS' MSP
automates all areas of mortgage servicing, including loan setup and
maintenance, cashiering, escrow administration, investor accounting
and regulatory reporting, resulting in a lower total cost of
servicing. Headquartered in Jacksonville, Florida, FIS maintains a
strong global presence, serving over 7,800 financial institutions
in more than 60 countries. For more information on Fidelity
National Information Services, please visit
http://www.fidelityinfoservices.com/. FIS is a majority-owned
subsidiary of Fidelity National Financial, Inc. (NYSE:FNF), number
248 on the Fortune 500 and a provider of outsourced products and
services to a variety of industries. More information about FNF can
be found at http://www.fnf.com/. This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking
statements. Forward-looking statements are based on management's
beliefs, as well as assumptions made by, and information currently
available to, management. Because such statements are based on
expectations as to future economic performance and are not
statements of fact, actual results may differ materially from those
projected. We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. The risks and uncertainties which forward-looking
statements are subject to include, but are not limited to: changes
in general economic, business and political conditions and other
risks detailed in the "Statement Regarding Forward-Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-K and other filings with the Securities and Exchange
Commission. DATASOURCE: Fidelity National Information Services
CONTACT: Media, Thomas A. Kelly for Chase, +1-312-732-7007, or , or
Michelle Kersch for FIS, +1-904-854-5043, or ; Investors, Mary
Waggoner for FIS, +1-904-854-3282, or Web site:
http://www.fidelityinfoservices.com/ http://www.jpmorganchase.com/
http://www.fnf.com/
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