Items Tagged with 'Fidelity National Information Services Inc.'

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  • Fidelity National to Acquire Metavante

    Fidelity National Information Services Inc. [stock FIS][/stock] said Wednesday it will acquire Metavante Technologies Inc. [stock MV][/stock] in an all-stock deal valued at about $2.94 billion. The deal brings two of the largest core and transaction processing service providers together, and places roughly a 23 percent premium over Metavante's Tuesday closing stock price of $19.96.
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  • Lender Processing Services Acquires McDash Analytics

    Lender Processing Services, Inc. [stock LPS][/stock] hasn't wasted any time making a major move after its recent spin-off from Fidelity National Information Services, Inc. [stock FIS][/stock]. The company said Tuesday morning that it had acquired McDash Analytics LLC, which provides access to the industry's largest loan-level database of mortgage assets for the purpose of benchmarking and analysis.
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  • Fidelity National Prepping for Possible Loss of BofA

    In a filing with the Securities and Exchange Commission earlier this week, Fidelity National Information Services Inc. [stock FIS][/stock] said that Bank of America may pull its some of its core business from the transactional real estate and default management giant after an expected merger with Countrywide Financial Corp. [stock CFC][/stock] is completed.
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  • Fidelity National Warns on Appraisal Rules

    Fidelity National Information Services, Inc., which has been looking to spin-off its mortgage processing businesses, said in a filing with the Securities and Exchange Commission Thursday that proposed new rules governing the appraisal process, along with other industry regulation, could hurt its mortgage processing subsidiary.
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  • 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.
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  • Alleged 'Fee-Splitting' at Fidelity Leads to Class-Action

    The Associated Press broke a story Wednesday of last week which, to say the least, has the default servicing industry buzzing. A lawsuit, filed Jan. 16 in the U.S. Bankruptcy Court in Houston, claims that Fidelity National Information Services Inc., engaged in "undisclosed kickback/sharing of bankruptcy creditor attorney fees to a non-law firm corporate entity." From the Associated Press:
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  • Fidelity National Affirms 2007 Earnings Target

    Given the uncertainty facing many mortgage-related businesses this earnings season, Fidelity National Information Services, Inc. on Monday affirmed its full-year outlook for 2007 earnings. "Consistent with its previous guidance issued October 24, 2007, FIS anticipates full year 2007 adjusted net earnings of approximately $1.90 per diluted share, and adjusted cash earnings of approximately $2.44 per diluted share," the company said in a press statement.
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  • Fidelity Gets New Mortgage Servicing Tech Deal with Wachovia

    Fidelity National Information Services, Inc. said earlier today that Wachovia Corp. has expanded its use of the company's ubiquitous MSP platform. The new deal means that Wachovia will service all mortgages and home equity lines of credit on the venerable industry platform; the bank has been servicing first mortgages on MSP for over 10 years. From the press release:
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  • Fidelity Acquires Offshore IT Service Provider

    Fidelity National Information Services, Inc. (NYSE:FIS) said late Tuesday that it has expanded its offshore presence in India through the acquisition of Second Foundation, Inc., a provider of offshore global information technology services. As a result of the acquisition, FIS said it had expanded its captive offshore global delivery staff by more than 600 personnel and broadened its service offerings. The company offers business process outsourcing to mortgage banking clients, and boasts more than 2,000 seats in both India and the Phillipines.
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