Accenture and Financial ServiceSolutions LLC Join Forces to Provide Mortgage Origination Services on an Outsourced Basis
Accenture to Be Financial ServiceSolutions’ Primary Sales Channel and Preferred Integrator
NEW YORK and CHARLOTTE, N.C.; Dec. 15, 2003 – Accenture and Financial ServiceSolutions LLC have signed an agreement to work together to provide mortgage origination and fulfillment business process outsourcing (BPO) in the United States.
Under the agreement, Accenture becomes the primary sales and marketing channel and the preferred integrator for Financial ServiceSolutions, which offers mortgage origination and fulfillment outsourcing services and technology solutions to large and mid-tier lenders. Financial ServiceSolutions will become Accenture’s exclusive mortgage originations BPO offering in the United States, and Accenture will acquire a small equity interest in Financial ServiceSolutions.
Accenture will also provide Financial ServiceSolutions with consulting, technology and outsourcing services.
Financial ServiceSolutions was founded as a joint venture earlier this year by Bank of America and Fidelity National Financial. The company’s ProcessPro suite of systems helps lenders manage the mortgage application process from application and underwriting to closing and funding, including processing and third-party vendor management.
The Financial ServiceSolutions offering is designed to help lenders improve their service levels, increase operational efficiency, and gain a variable cost structure to better manage the volatility of the mortgage market. Accenture has worked closely with Financial ServiceSolutions to develop the ProcessPro technology underlying its core offering.
“We see great potential for clients and prospects to benefit from Financial ServiceSolutions’ capabilities, as well as for Accenture to play a larger role in the mortgage business process outsourcing landscape,” said Tom Brydon, a partner in Accenture’s Banking industry group. “FSS captures the essence of business process outsourcing -- helping lenders migrate from fixed to variable costs, improve service levels, keep affordable access to leading technology and processes, and strengthen their customer relationships.”
“Financial ServiceSolutions was founded for a single purpose – to serve as a manufacturing utility for the mortgage industry, providing state-of-the-art mortgage service solutions,” said Greg Sullins, president and CEO of Financial ServiceSolutions. “Accenture is strongly focused on providing clients with objective advice and high-performance capabilities, and its commitment to Financial ServiceSolutions further accelerates the execution of our business strategy.”
About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With more than 83,000 people in 48 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com.
Financial ServiceSolutions
Financial ServiceSolutions, LLC, is the mortgage industry’s first robust, integrated, end-to-end loan origination and fulfillment platform. The Charlotte, North Carolina-based company provides technology, people and process solutions for mortgage lenders with a full menu of services, including loan application, underwriting, processing, vendor management, document preparation and loan closing. Financial ServiceSolutions is both a source for industry leading technology and a business process outsource utility. For additional information, visit the Financial ServiceSolutions web site at www.fsspro.com.
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Joe Krakoviak
+1 (917) 452 2406