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FIS May See Fallout from BoA Deal.
Jacksonville, FL -- Countrywide Financial Corp. was one of the last big servicers to use entirely internal systems for automation of loan servicing data systems.
Fidelity National Information Services, which counts Bank of America among its clients, has the dominant market share among vendors who provide automation of payment processing for mortgage servicers.
Now, with Bank of America on the verge of acquiring Countrywide, there are questions about what that will mean to FIS.
FIS recently disclosed that Bank of America may "phase out" some of the services it uses from FIS. Specifically, FIS anticipates that the combined Bank of America/Countrywide may eliminate some processing and appraisal services provided by Fidelity's Lender Processing Services.
FIS said it has not received a formal notice of termination from Bank of America. However, the company did say in an SEC filing that Bank of America has informed FIS that it is "leaning toward phasing out the mortgage processing and appraisal services that LPS provides to Bank of America" and instead using internal systems for these processes. These services for Bank of America accounted for ...
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