Hosted Services Help Lenders Compete - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

04:05 PM

Hosted Services Help Lenders Compete

Fidelity upgrades IT to provide automation and efficiency that mortgage lenders need

Fidelity National Financial Inc., which sells software and hosted services to mortgage and financial-services companies, is building a Web-based system at a cost of tens of millions of dollars to replace its legacy system. The project is designed to give Fidelity National's clients more flexibility in a competitive industry.

As banks and mortgage lenders consolidate, they need more automation and efficiency to thrive, says Joe Nackashi, Fidelity's chief technology officer. Companies typically just surround legacy systems with new applications. "But that's not a model we feel is sustainable as the industry consolidates," Nackashi says. Fidelity needs the flexibility of modern IT to meet the changing demands of customers, which include Bank of America, Washington Mutual, and Wells Fargo.

Most of Fidelity's clients use its hosted Mortgage Servicing Platform software, including collections, customer-service, and loan-default apps. That frees clients to develop new products. "They want to look at us as a utility, quite frankly," he says, but some license the applications and run them themselves. Hosted-service customers pay a monthly fee based on the size of their loan portfolios. Fidelity National handles the processing for more than 24 million home mortgages, with a balance of $3 trillion.

It already has installed three new IBM eServer z990 servers to replace mainframes running Cobol-based software, and, in early tests, the new systems process significantly more loans per minute. The setup is being assembled using IBM's WebSphere Internet infrastructure software, DB2 database, and IBM Rational Java-based development tools. A prototype of the first collections application developed for the system is due in May and is slated for production early next year.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2021 State of ITOps and SecOps Report
2021 State of ITOps and SecOps Report
This new report from InformationWeek explores what we've learned over the past year, critical trends around ITOps and SecOps, and where leaders are focusing their time and efforts to support a growing digital economy. Download it today!
InformationWeek Is Getting an Upgrade!

Find out more about our plans to improve the look, functionality, and performance of the InformationWeek site in the coming months.

Becoming a Self-Taught Cybersecurity Pro
Jessica Davis, Senior Editor, Enterprise Apps,  6/9/2021
Ancestry's DevOps Strategy to Control Its CI/CD Pipeline
Joao-Pierre S. Ruth, Senior Writer,  6/4/2021
IT Leadership: 10 Ways to Unleash Enterprise Innovation
Lisa Morgan, Freelance Writer,  6/8/2021
Register for InformationWeek Newsletters
Current Issue
Planning Your Digital Transformation Roadmap
Download this report to learn about the latest technologies and best practices or ensuring a successful transition from outdated business transformation tactics.
White Papers
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll