Under the terms of the agreement, FNF will license three London Bridge Default Products, FORTRACS, BridgeLink and LenStar through its National Default Services division, which includes, Foreclosure and Bankruptcy Services, Loan Portfolio Services, Asset Management (REO), Inspection and Field Services, Agency Sales and Posting and National Title Default products. The combination will provide the default community with blended pricing, proven technology to support default services, electronic desktop order and delivery of services and significant efficiencies that will reduce the overall cost of servicing loans.
This agreement provides a common distribution platform for all of our default services, and signals our commitment to the highest quality suite of default solutions and the growth of our Default Services businesses, said Ernest D. Smith, Executive Vice President of Fidelity National Financial, Inc. It also provides our default services customers with the ability to order bundled services in an automated and efficient electronic format.
By combining and integrating default technologies with collateral services and outsourcing solutions, we will offer the most efficient, cost effective and comprehensive default solution to the mortgage servicing industry today, said Dave Demster, President of the London Bridge Group Mortgage Division. We believe that the default services marketplace will receive enormous benefit from the combination of Fidelity’s wide array of products and services and London Bridge’s leading edge technology solutions.
