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Alltel Hurt by WaMu Plans?(Washington Mutual Bank to buy HomeSide Lending Inc.)(ALLTEL Corp. service contract)
Ever since Washington Mutual here announced that it would buy HomeSide Lending and its $150 billion servicing portfolio, Alltel has known that one of its best servicing customers might disappear.
As one WaMu insider put it, "We bought them because of their servicing system."
The "servicing system" is a reference to an in-house servicing technology platform and related software that was being built by HomeSide when National Bank of Australia, HomeSide's parent, decided that it had had enough of the U.S. mortgage market.
The HomeSide servicing deal closed in October, but according to sources both in and outside the company, the key question has now become: just how fast can WaMu put all of its $743 billion in housing receivables on the in-house system?
One WaMu official told Mortgage Servicing News that the goal is to complete the servicing platform conversion by the end of 2003.
WaMu has a servicing market share north of 12%, which means that the company probably services about 12% of the nation's $6.1 trillion in outstanding residential loans.
For the Jacksonville-based Alltel, it's a huge client and a huge contract for its mortgage information services division. (HomeSide is also based in Jacksonville, Fla.)
- 'Real Coup' For Fidelity National -- Now What?: $1.05B price is right, synergy...
- Magazine article from: American Banker Wade, Will January 30, 2003 700+ words
...is whether Fidelity National can take a business that Alltel Information...Focardi said Fidelity National would probably...pieces of Alltel Information...would make Alltel the largest...shareholder in Fidelity National, and the...
- ALLTEL sells financial services division to fidelity. (Tech News).(Fidelity...
- Magazine article from: Mortgage Banking March 1, 2003 700+ words
ALLTEL, LITTLE...subsidiary to Fidelity National Financial...million in Fidelity National common stock...division of ALLTEL Information...Scott Ford, ALLTEL president...also believe Fidelity National will provide...
- ALLTEL Sells Fidelity National Financial Stock Holdings.
- Press release article from: Business Wire April 6, 2005 700+ words
...million, was completed yesterday. ALLTEL acquired the Fidelity National Financial stock in 2003 as partial consideration for the sale of ALLTEL's information services business to Fidelity National. ALLTEL is a customer-focused communications...
- Alltel sells Fidelity stake in $350 million deal.(Fidelity National Financial...
- Magazine article from: Arkansas Business Taulbee, Chip April 11, 2005 700+ words
Alltel Corp. sold its stake in Fidelity National Financial Inc. of...about $350 million. Alltel sold 11.2 million...which said that "Alltel had indicated previously...intended to sell its [Fidelity National Financial] shares...
- Fidelity National Financial to Acquire Financial Services Division of ALLTEL...
- Press release article from: PR Newswire January 29, 2003 700+ words
Fidelity National Financial, Inc...services division of ALLTEL Information Services...owned subsidiary of ALLTEL Corporation . AIS...stock issued to ALLTEL Corporation, subject...will be 670926. Fidelity National Financial, Inc...
- Fidelity National Closes on LSI, Alltel Next.
- Magazine article from: National Mortgage News February 17, 2003 700+ words
Fidelity National Financial here last week...insurance underwriters include Fidelity National Title, Chicago Title...division of technology giant Alltel, a transaction valued...billion. At one point Alltel was asking as much as...
- Fidelity National Financial Completes Deal with Alltel Information Services.
- Newspaper article from: Santa Barbara News-Press (Santa Barbara, California) (via Knight-Ridder/Tribune Business News) April 2, 2003 700+ words
...Santa Barbara-based Fidelity National Financial said Tuesday it...financial services division of Alltel Information Services. The...275 million in FNF stock for Alltel in a deal which has raised...operations to Jacksonville, Fla. Alltel, a major provider of IT and...
- Systematics' legacy fading in Arkansas.(Fidelity National Financial Inc....
- Magazine article from: Arkansas Business Friedman, Mark October 29, 2007 700+ words
AFTER ALLTEL INFORMATION Systems was sold to Fidelity, the business' presence in Arkansas...operations in west Little Rock. When the sale to Fidelity was announced, Alltel CEO Scott Ford was upbeat that the sale wouldn't result in job losses...