JACKSONVILLE, Fla. – Fidelity National Information Services, Inc. (FIS) today announced a new Web-based loan-modification and electronic-signature solution that is built into its ClosingStream e-mortgage-technology platform. The solution primarily is designed to help lenders save money by limiting adjustable rate mortgage (ARM) re-set servicing costs, while reducing the loan-modification and electronic-signature time frame from the typical eight to 10 days down to as little as a matter of minutes.
Industry demand for automated process enhancements, such as loan-modification and electronic-signature technology, is growing quickly as ARMs continue to re-set. As a result, investors and financial institutions are trying diligently to prevent portfolio runoff, as well as costly defaults and foreclosures. Top lenders estimate that the number of loan-modification requests in 2008 will increase by tens of thousands. ClosingStream’s new solution provides the most effective and secure method for executing multiple types of documents, applications and contracts.
ClosingStream’s loan-modification and electronic-signature solution is available in a service model or, in conjunction with a company’s own software and branding parameters, as a private-label application, making it the optimal solution for virtually any modification scenario.
“Customers are able to conveniently e-sign documents virtually anywhere, anytime – at home, at the office or on vacation,” said Ron Frazier, president of the LSI division of FIS. “The e-sign feature provides benefits to both the customer and lender by providing an effective and efficient method to present, review and sign most document types. By using our technology, most documents are signed within hours, sometimes minutes, versus the days that it traditionally takes.”
“ClosingStream’s loan-modification and e-sign solution is applicable to most types of document presentation and signing events, including the delivery of disclosure documents,” said Al Verkuylen, chief strategy officer for FIS’ LSI division. “Existing e-sign compliance requirements are met with simplified presentment and a recorded audit trail that contains the customer’s acceptance and time/date stamps. Equally important is that lenders can make timely account changes, thereby increasing company revenues while decreasing delinquency and losses.”
For more information about FIS ClosingStream’s loan modification and electronic-signature solution and other FIS strategic products and services, call 949.622.4613, go online to www.closingstream.com or send e-mail to sales@lsi-fnis.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 10. Approximately 50 percent of all U.S. residential mortgages are processed using FIS software. FIS is a member of Standard and Poor’s (S&P) 500® Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insight in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 9,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.