Fidelity National Financial Inc. (FNF) has announced its reorganization of the former Lender Processing Services Inc. (LPS) businesses, the formation of a wholly-owned subsidiary called Black Knight Financial Services Inc. (BKFS) and the issuance of a 35 percent interest in each of Black Knight's two operating subsidiaries, ServiceLink Holdings LLC and Black Knight Financial Services LLC, to funds affiliated with Thomas H. Lee Partners LP and certain related entities.
Black Knight, through ServiceLink and BKFS, now owns and operates the former LPS businesses and FNF's ServiceLink business. FNF's core operating subsidiaries now consist of Fidelity National Title Group Inc. and Black Knight. BKFS consists of LPS' former technology, data and analytics businesses and the technology offerings previously owned by FNF's ServiceLink division.
BKFS' primary products and services include:
►Empower, PCLender and LendingSpace: Enterprise-wide loan origination systems that support the correspondent, wholesale and retail markets
►RealEC: Electronically connects mortgage lenders and their business partners, and supports the company's loan quality offerings
►MSP: A residential mortgage servicing technology platform
►LPS Desktop and Fusion: Comprehensive workflow platforms that support mortgage servicing
►Database: The world's largest U.S. property database, that covers 99.9 percent of U.S. property records from over 3,000 counties
►Most comprehensive mortgage performance data: Represents nearly 70 percent of loans in the mortgage industry and provides the broadest breadth and depth of any single loan-level data source
►Industry-leading analytics: Provide valuable insight that helps effectively manage risk, support regulatory compliance and improve decision-making
Tom Sanzone will be the CEO of BKFS. Tom joined FNF in 2013 and has more than 25 years of experience in the financial services industry, leading both technology and business operations at some of the world's largest global financial institutions. ServiceLink consists of FNF's former ServiceLink division and LPS's former transaction services business.
ServiceLink provides a full suite of origination and default related products and services to leading national and regional mortgage originators. Its primary offerings include:
►A comprehensive suite of title, closing and escrow services and flood certifications
►Market-leading appraisal and valuation solutions
►Default-related services, including asset management, field services and sales and posting
Chris Azur will be the CEO of ServiceLink. Chris was the President of FNF's ServiceLink division and has more than 20 years of experience in the mortgage transactions services business. Azur and Sanzone will report to William P. Foley, II, chairman of FNF and Black Knight.
Additionally, Kirk Larsen will serve as CFO of Black Knight, reporting to Foley. Prior to joining Black Knight, Larsen was corporate executive vice president of finance and treasurer of FIS, the world's largest global provider dedicated to banking and payments technologies.
"We are excited to finalize the reorganization, ownership and management structure of the former LPS and ServiceLink businesses," said Foley. "We will now focus our efforts on the successful integration of these businesses to achieve operational efficiencies, drive organic growth and identify investment opportunities to grow this core business."
