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

"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."