Wells Fargo Re-Ups Servicing Contract with Fidelity
Wells Fargo on Wednesday signed a multi-year contract extension with Fidelity National Information Services, Inc. over FIS' Mortgage Servicing Package (known as MSP to most in the industry). Terms were not disclosed. Wells Fargo has used the servicing platform for more than 20 years, and currently services more than 7.9 million loans via MSP, according to a joint press statement. MSP is a ubiquitous legacy servicing platform used to service roughly 50 percent of U.S. mortgages. â€œThrough this industry-leading servicing platform, as well as other products and services, FIS delivers a great deal of value to Wells Fargo,â€? said Mary Coffin, executive vice president of loan servicing for Wells Fargo. Coffin said that FIS recently worked with Fidelity to bring 1.3 million mortgage customers onto its servicing platform -- "our largest acquisition ever," she said. No additional comment was provided on whose portfolio was acquired or when. For more information, visit http://www.fnis.com.