Fidelity Acquires Mortgage Tech Provider
September 7, 2010
Fidelity National Financial, Inc. Announces the Acquisition of Commerce Velocity
Fidelity National Financial, a provider of title insurance, mortgage services, specialty insurance and information services, announced the acquisition of Commerce Velocity.
Commerce Velocity provides technology solutions to mortgage lenders, loan servicing organizations and investment banks that enable users to mitigate risk and optimize outcomes for their mortgage loan portfolios.
The firm offers three Web-based, SaaS products: Spectrum, Optimizer and AssetX. Spectrum provides a versatile end-to-end loan origination platform, which can provide a true commitment-to-lend at the point of sale, apply risk models and workflow rules to repair problem loan files, and verify that each loan complies with regulatory and investor guidelines throughout the loan life cycle. Optimizer is a market leader helping Servicers to maximize cash flows from delinquencies and enforce workout consistency throughout the default management process. It enables servicers to deploy their preferred loss mitigation strategies. AssetX facilitates acquisition and management of performing and non-performing loan pools by providing the ability to consolidate and evaluate various data sources and provides traders with valuable insight into each transaction.
Fidelity announced that the Commerce Velocity technology will be strategically aligned with ServiceLink, the national lender platform for FNF and a leading provider of origination and default related solutions for the mortgage industry. The strategic integration creates a complete workflow management solution from loan origination through loss mitigation, default and asset disposition.
Mortgage lenders and servicers have long relied on an extensive suite of mortgage-related solutions from ServiceLink, including valuation, title, closing, subservicing, loss mitigation, and asset management and disposition. The addition of Commerce Velocity's platform will now extend ServiceLink's solutions to incorporate technology to process origination loan transactions as well as manage the loans in the default stages.
"We are excited to add Commerce Velocity's capabilities to our family of companies," said Chairman William P. Foley, II. "Commerce Velocity provides a strong complement to FNF's National Lender Platform, ServiceLink. This acquisition will bring a comprehensive technology platform that can effectively support the lender's process while incorporating the premier origination and default solutions for which FNF and ServiceLink are known."