RISMEDIA, June 27, 2007–Fidelity National Information Services, Inc. announced that it has acquired Applied Financial Technology (AFT), one of the fastest-growing providers of intelligent and predictive risk analytics, analysis and data for the mortgage industry. AFT’s quantitative analytics, which can be fully integrated into a variety of third-party systems, are used by brokers, banks and investors to price, fund, trade and hedge mortgages and mortgage-backed securities.
Billions of dollars of mortgages and mortgage backed securities are priced and traded each day by lenders, market makers and investors using AFT tools. AFT expands FIS’ market presence with Wall Street’s residential mortgage loan customers by providing highly sophisticated tools that incorporate prepayment, default and valuation analytics. These tools enable FIS to provide loan scoring for relative default and prepayment
propensities at the point of origination, which is an important differentiator in valuing the loans for subsequent securitization.
Through this acquisition, FIS will also offer AFT’s modeling product that allows mortgage-backed securities traders to improve the accuracy of their mortgage default and pre-payment predictions given a variety of macro-economic scenarios. The technology solution allows for a granular and realistic modeling of portfolio, securities, and individual loan risk characteristics.
“The importance of the analytic component that AFT will provide to FIS customers cannot be overemphasized,” said Greg Whitworth, president of FIS Loan Portfolio Solutions. “In today’s environment, lenders, loan servicers, and investors alike, must incorporate meaningful analytics in the pricing and ongoing evaluation of loan performance. With the acquisition of AFT, FIS’ expanded product suite will empower these entities to leverage FIS’ industry leading data and valuation services with AFT’s analytics to proactively manage prepayment and default risk for a variety of loan portfolio scenarios.”
Michael Bykhovsky, founder and chief executive officer of AFT added, “By combining the resources, technology and expertise from FIS and AFT, we will be able to deliver market-leading technology solutions to the financial services industry that will enable more informed decision making and increased success in portfolio management.”
For more information, visit http://www.fidelityinfoservices.com.
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