JACKSONVILLE, Fla. – Fidelity National Information Services, which was spun off last year from Fidelity National Title, said yesterday it received approval from the Internal Revenue Service for the tax-free spin-off of its huge Lender Processing Services, handles more than half of all mortgage loans in the U.S.
Fidelity National had decided to spin-off its mortgage processing services, which accounted for more than a third of the company's overall revenue in October 2007 to focus on its core transaction processing services business for credit unions and banks.
Fidelity National itself is the product on an unusual conglomeration and spin off. The company was originally part of Fidelity National Title and added through acquisition eight separate back-office loan and transaction processing companies, including Certegy Inc., Aurum Technologies,
