Fidelity National Financial, Inc. Announces the Acquisition of Commerce Velocity

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Sep 02, 2010, 09:15 ET

JACKSONVILLE, Fla., Sept. 2 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, mortgage services, specialty insurance and information services, today announced the acquisition of Commerce Velocity. Commerce Velocity provides technology solutions to mortgage lenders, loan servicing organizations and investment banks that enable users to mitigate risk and optimize outcomes for their mortgage loan portfolios.

The firm offers three Web-based, SaaS products: Spectrum, Optimizer and AssetX. Spectrum provides a versatile end-to-end loan origination platform, which can provide a true commitment-to-lend at the point of sale, apply risk models and workflow rules to repair problem loan files, and verify that each loan complies with regulatory and investor guidelines throughout the loan life cycle. Optimizer is a market leader helping Servicers to maximize cash flows from delinquencies and enforce workout consistency throughout the default management process. It enables servicers to deploy their preferred loss mitigation strategies. AssetX facilitates acquisition and management of performing and non-performing loan pools by providing the ability to consolidate and evaluate various data sources and provides traders with valuable insight into each transaction.

Fidelity announced that the Commerce Velocity technology will be strategically aligned with ServiceLink, the national lender platform for FNF and a leading provider of origination and default related solutions for the mortgage industry. The strategic integration creates a complete workflow management solution from loan origination through loss mitigation, default and asset disposition.

Mortgage lenders and servicers have long relied on an extensive suite of mortgage-related solutions from ServiceLink, including valuation, title, closing, subservicing, loss mitigation, and asset management and disposition. The addition of Commerce Velocity's platform will now extend ServiceLink's solutions to incorporate technology to process origination loan transactions as well as manage the loans in the default stages.

"We are excited to add Commerce Velocity's capabilities to our family of companies," said Chairman William P. Foley, II. "Commerce Velocity provides a strong complement to FNF's National Lender Platform, ServiceLink. This acquisition will bring a comprehensive technology platform that can effectively support the lender's process while incorporating the premier origination and default solutions for which FNF and ServiceLink are known."

Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, mortgage services, specialty insurance and information services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF is also a leading provider of global human resources, payroll, benefits and payment solutions through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE Fidelity National Financial, Inc.