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Appraisal Changes Impact Fidelity

SEC filing warns of impact to business

March 31, 2008


At least one major mortgage technology vendor may be hurt by upcoming changes to real estate appraisals for conforming loans.

Fidelity National Information Services Inc. made the disclosure in a Securities and Exchange Committee filing Thursday.

The Jacksonville, Fla.-based company was responding to the Home Valuation Code of Conduct, a new government regulation that prohibits lenders from using certain appraisals when assessing loan values.

"The governmental review of aspects of the mortgage industry… may lead to greater regulation in areas such as appraisals, default management, loan closings and regulatory reporting" Fidelity said in the filing. "Such actions and proceedings could have adverse consequences that could affect our business."

Both Fannie Mae and Freddie Mac recently entered into agreements with the New York Attorney General Andrew M. Cuomo in which they committed to adopt the new Code.

The code, which will go into effect Jan. 1, 2009, allows for a comment period until April 30 of this year, and Fidelity said it plans to partake in the commenting process. But it knows the commenting alone does not guarantee that any changes will take place in the immediate future.

"At this time, the Company is unable to predict the ultimate effect of the Code on its business or results of operations," according to Fidelity, which is affiliated with Fidelity National Information Services Inc., Fidelity National Foreclosure Solutions and Applied Financial Technology.

Natalie Merrill is a staff writer for MortgageDaily.com with a Journalism degree from Southern Methodist University.

e-mail: [email protected]

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