For additional information contact:
Mary Waggoner, Sr. VP, Investor Relations, Fidelity National Information Services
Phone: 904.854.3282, Email: mary.waggoner@fnis.com
Darcy Patch, Sr. VP, Marketing, Fidelity National Information Services
Phone: 949.477.1173, Email: darcy.patch@fnis.com
JACKSONVILLE, Fla. – Fidelity National Information Services, Inc. (FIS) today announced that the Department of Veterans Affairs (VA) has launched a new Web-based reporting application for mortgage servicers called Veterans Affairs’ Loan Electronic Reporting Interface (VALERI). FIS developed VALERI in collaboration with VA.
VALERI is built upon the FIS Desktop, a highly efficient workflow, imaging, expense and communication management system that provides real-time connectivity among lenders, service providers, vendors and portfolio investors.
VALERI enables mortgage servicers to report “significant events,” through either the servicing system or the servicer’s Web portal user-interface within VALERI, eliminating many manual processes, as well as paper, facsimile, e-mail and verbal reporting for both the servicer and VA. Significant events are milestones that must be reported in order to maintain compliance with VA’s regulations. Examples of these events are when VA-guaranteed loans – or the servicing rights to those loans – are sold, when a loan modification is complete or when a repayment plan is approved.
“The VALERI application service was designed to support the largest regulatory revision in the history of VA’s home loan program,” said Dick Fyne, deputy director of VA’s Loan Guaranty Service. “This new technology will help improve services provided to veterans and the servicing community while reducing costs to the government.”
This regulatory revision transformed VA’s role from supplemental servicer to servicing oversight, resulting in increased reporting requirements for mortgage clients. By deploying VALERI, the VA has provided an electronic solution enabling its clients to send and receive the data they previously were transmitting manually.
“FIS is proud to have partnered with VA to deliver a combination of a robust workflow, document management and a business rules engine that represents a significant step forward in technology for VA,” said Laura MacIntyre, chief operating officer for the FIS Desktop group. “We are confident that our partnership will accelerate processing, improve communication and reduce costs for all industry participants.”
VA and FIS will continue to transition servicers onto the VALERI platform through November 2008.
For more information regarding the FIS Desktop, please call 904.470.7700 or e-mail the company at info@fis-lps.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.