Fidelity National Financial, Inc. Announces the Acquisition of Service Link, L.P.
June 20, 2005
JACKSONVILLE, Fla., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF) has signed of a definitive agreement to acquire Service Link, L.P. ("Service Link"), a licensed title insurance agency and a leading provider of title and closing services to national lenders. The purchase also includes Asset Link, an REO management and disposition company owned by Service Link.
Service Link provides national centralized mortgage and residential real estate title and closing services for major financial institutions and institutional lenders. Clients include six of the nation's top ten residential lending institutions ranked by loan origination volume. Service Link owns proprietary software that was built and designed to provide ultimate flexibility for both customer service and order flow control, allowing for the optimal productivity for its operations.
"The acquisition of Service Link provides FNF and its title insurance subsidiaries with centralized title and closing capabilities and improved direct access to national lender accounts for both refinance transactions and emerging lender-driven purchase transactions," said FNF President Raymond R. Quirk. "Service Link will operate as a distinct brand under our Chicago Title subsidiary and will establish underwriting agreements with the FNF family of title insurance underwriters."
"Service Link will also utilize FNF and its subsidiaries for its bundled service data needs surrounding the real estate and mortgage loan closing process, providing for cross-selling of products and services such as valuation and appraisal services, flood determinations, tax services and mortgage credit information services," said FNF Chairman and Chief Executive Officer William P. Foley, II. "Additionally, Asset Link provides FNF with another counter cyclical revenue stream and improves FNF and Service Link's ability to more fully capture and serve emerging lender-driven purchase closing opportunities."
"The management and staff of Service Link and Asset Link are excited to become part of the Chicago Title and the Fidelity family of companies," said Jeff Coury, Service Link CEO. "We will now be able to extend our geographic reach with an enhanced product and technology suite to service our clients."
Source: Fidelity National Financial, Inc.,
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