CHICAGO and JACKSONVILLE, Fla., Oct. 4, 2006 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.
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 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 ten. 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 worldwide. For more information on Fidelity National Information Services, please visit 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 www.fnf.com.
Thomas A. Kelly