Irvine, Calif., May 30 /PRNewswire-FirstCall/ --
Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of
products, services and solutions to the real estate and financial services
industries, and its wholly-owned subsidiaries, Fidelity National Title
Insurance Company ("Fidelity National Title"), Chicago Title Insurance Company
("Chicago Title"), Security Union Title Insurance Company ("Security Union
Title") and Ticor Title Insurance Company ("Ticor Title") today announced the
filing of a Master Lien Protection Loan Policy of Title Insurance ("Lien
Protection Policy") with the California Department of Insurance.
The Lien Protection Policy is the first "pool" title insurance policy
offered by a title insurer. Coverage for the lender is based upon a master
policy issued at the beginning of the program with individual Certificates
issued at the time each loan is closed. The policy provides coverage against
liens and encumbrances that assert a priority over an insured mortgage, with
pricing as low as $275 per transaction. In contrast to certain other similar
insurance offerings, FNF's Lien Protection Policy is not conditioned on the
credit worthiness of the borrower.
"This Lien Protection Policy is targeted to meet the needs of those
lenders who may not have been utilizing title insurance in the past or those
that are willing to assume more risk when lending for their own portfolios,"
said William P. Foley II, Chairman and Chief Executive Officer. "We are
confident that this product will generate incremental revenue from lenders
that were not previously title insurance customers. If a lender is willing to
self insure portions of the title coverage risk and does not intend to sell
the loans into the secondary market, this Lien Protection Policy product may
satisfy their underwriting needs at a significant savings in premium."
FNF and its subsidiaries Fidelity National Title and Chicago Title also
announced the rollout of its Electronic Refinance Rate Calculator, a tool
designed to benefit and assist California consumers refinancing their
mortgages. The Refinance Rate Calculator, which is accessible at
http://www.fntic.com and http://www.ctic.com , will allow consumers to determine the price
of refinance title insurance premium prior to closing their transaction.
Initially, the Calculator is being introduced in California with a planned
rollout to several other states in the near future.
"We are excited about the introduction of the Electronic Refinance Rate
Calculator," said Randy Quirk, President of FNF. "It will make a part of the
refinance process more straightforward by allowing consumers interested in
refinancing their mortgage loans to determine the price of our title insurance
after answering a few simple questions."
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a
provider of products, services and solutions to the real estate and financial
services industries. The Company had total revenue of $5.1 billion and earned
more than $530 million in 2002, with cash flow from operations of nearly
$815 million. FNF is the nation's largest title insurance company and also
performs other real estate-related services such as escrow, default
management, mortgage loan fulfillment, exchange intermediary services and
homeowners, flood and home warranty insurance. FNF is also one of the world's
largest providers of information-based technology solutions and processing
services to the mortgage and financial services industries through its
subsidiary Fidelity Information Services, which has clients in more than
50 countries. It processes nearly 50 percent of all U. S. residential
mortgages, with balances exceeding $2 trillion and has processing and
technology relationships with 48 of the top 50 U. S. banks who rely on
Fidelity Information Services' processing and outsourcing products and
services. More than 34 percent of the total dollar volume of all outstanding
consumer loans in the country, including mortgages, is processed on Fidelity
Information Services software applications. Fidelity National Information
Solutions (Nasdaq: FNIS), a majority-owned, publicly traded subsidiary of FNF,
provides data and valuations, technology solutions and services for the real
estate and mortgage industries. More information about the FNF family of
companies can be found at http://www.fnf.com , http://www.fidelityinfoservices.com , and
http://www.fnis.com .
This press release contains statements related to future events and
expectations and, as such, constitutes forward-looking statements. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be different from those expressed or implied
above. The Company expressly disclaims any duty to update or revise forward-
looking statements. The risks and uncertainties which forward-looking
statements are subject to include, but are not limited to, the effect of
governmental regulations, the economy, competition and other risks detailed
from time to time in the "Management's Discussion and Analysis" section of the
Company's Form 10-K and other reports and filings with the Securities and
Exchange Commission.
SOURCE Fidelity National Financial, Inc.
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Related links:
http://www.fnf.com
CONTACT:
Daniel Kennedy Murphy, Senior Vice President,
Finance and Investor Relations, Fidelity National Financial,
Inc., +1-805-696-7218, dkmurphy@fnf.com
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