Wolters Kluwer, Fidelity Announce Loss Mit Partnership
Loss mitigation technology is among the hottest in the entire mortgage sector, as the number of troubled borrowers continues to mushroom -- and as policymakers and industry regulators lean on servicers to find new and creative ways of working with consumers, technology companies are moving quickly to deliver solutions that can help servicers manage the quickly-increasing workload more effectively. Wolters Kluwer Financial Services and Fidelity National Information Services (FIS) are the latest to push forward with a partnership in this area; both companies said Monday they plan to integrate Wolters Kluwer's loan modification document solutions and compliance content into the loss mitigation module of Fidelity National Information Services’ well-known Desktop platform. FIS Desktop is a work flow, document and expense management system that supports the post-origination loan cycle for lenders, servicers and investor; the platform's loss mitigation module is is integrated with the ubiquitous Mortgage Servicing Package (MSP) platform, also owned by Fidelity, as well as other servicing platforms. The integration will provide servicers with an ability to generate federal and state compliant documents on a nationwide basis, the companies said in a joint press statement; it will also enable servicers to customize loan modification documents and packages as needed, and provide the FIS platform with the ability to implement custom document requirements pushed through by investors or regulators. "The complex array of investor requirements tied to loan modifications can sometimes slow servicers’ progress in helping their borrowers avoid foreclosure," said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. He characterized the partnership as a way for servicers to implement loan modification programs with confidence, knowing that "each transaction is compliant with investor and any future regulatory requirements." Laura MacIntyre, COO for the FIS Desktop group at Fidelity, said that her team partnered with Wolters Kluwer because of the company's "compliance strength and ability to rapidly set up customized loan modification agreements and packages that meet investor requirements." Neither company provided details on when the proposed integration was expected to be complete and available in production. For more information, visit http://www.wolterskluwerfs.com and http://www.fidelityinfoservices.com. Disclosure: The author no positions in FIS when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.