Fidelity National Financial, Inc. Announces Acquisition of Lender's Service, Inc.
January 21, 2003
IRVINE, Calif., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF), a nation'al provider of title insurance and real estate related products and services, today announced that it has entered into a definitive agreement to acquire Lender's Service, Inc. ("LSI"), a leading provider of appraisal, title and closing services to residential mortgage originators. The transaction is expected to close in thirty days.
LSI is the largest appraisal company in the nation, providing appraisal, title and closing services to 23 of the nation's top 25 mortgage loan originators through a network of more than 8,500 suppliers. LSI generated $155 million in revenue in 2002 by processing more than 460,000 appraisal, title and closing units.
"The acquisition of LSI clearly strengthens our centralized collateral assessment, title and closing services," said FNF Chairman and Chief Executive Officer William P. Foley, II. "LSI's traditional appraisal capabilities are a complement to our alternative valuation expertise at FNIS and allow us to provide a more complete and significant suite of collateral assessment services to both major lenders and mortgage servicing clients. FNIS also will benefit from having an extended outsourcing capability for independent fee panel appraisals to fulfill traditional appraisal needs while acquiring an additional distribution channel for marketing non-traditional valuation products. LSI also contributes additional revenue to our leading position in the institutional and nationwide title and closing services market."
Source: Fidelity National Financial, Inc.