Fidelity Information Services and First Data Announce Agreement to Deliver Credit Card-Enabled HELOC Solution

JACKSONVILLE, FL – Fidelity Information Services (Fidelity), a division of Fidelity National Financial and electronic commerce and payments leader First Data Corp. have announced a strategic alliance agreement through which First Data’s credit card processing capabilities will be integrated with home equity lines of credit (HELOCs) serviced on Fidelity’s industry-leading Mortgage Servicing Package (MSP) software.

Fidelity’s offering will be enhanced to include a credit card processing option. The joint credit card offering will support data exchanges between MSP and First Data’s system for the purpose of setting up, maintaining, enabling transaction flow and posting and reporting on credit card-enabled HELOCs.

“Partnering with First Data will advance Fidelity’s goal of offering best- of-breed HELOC processing capabilities on MSP,” said Bruce Andrews, senior vice president of Fidelity Information Services’ Business Partners organization. “The credit card feature will give our clients a distinct competitive advantage in the HELOC market, with the ability to offer borrowers greater convenience and flexibility than ever before.”

“We are delighted to be working with the mortgage industry’s technology leader on the development of a credit card solution for HELOCs,” said Jim Schoedinger, president, First Data Card Issuing Services. “For more than 30 years, First Data has provided its clients with a sophisticated set of technology solutions that drive change and innovation by offering the right technology, at the right time, for the right use. Fidelity and their clients will both benefit from our single-source robust, functional and flexible payment solutions and expertise and be able to focus on cultivating their business and brand.”

PHH Mortgage, formerly Cendant Mortgage, will become an early adopter of the credit card processing option for HELOCs serviced on MSP. Marty Foster, PHH’s servicing manager, said, “The credit card option is an extremely valuable feature that we can offer our customers in the rapidly expanding HELOC market. This enhancement allows us to reap the benefits of MSP’s full- service HELOC capabilities including escrow, default and now credit card processing.”

The standard HELOC subsystem to MSP, including the optional credit card processing component, is targeted for completion in the second half of 2005.