Fidelity National Financial's ServiceLink division acquired DRI Management Systems, while simultaneously rebranding DRI's default servicing workflow platform, in a deal announced Tuesday.
Pittsburgh-based ServiceLink is rebranding the DRI Office offering as ServiceLink Fusion. ServiceLink added 28 team members with the acquisition. That Newport Beach, Calif.-based DRI team will join ServiceLink's existing Servicing Solutions team of 20 in the Irvine, Calif., office that houses the Servicing Solutions and Commerce Velocity technology teams.
The acquisition comes after a three-month review that ServiceLink conducted to develop a strategy to provide a comprehensive servicing workflow management portal. Greg Whitworth, ServiceLink executive vice president of servicing solutions, praised the software's intuitive user interface.
"Their UI framework in terms of how folks can understand what's going on in the loan is the best I've ever seen," he said in an interview with National Mortgage News. "I've looked at it probably 60 hours in demos and I still haven't seen all the functionality. It's amazing all the functionality they've put into it."
The teams will work out of the same office, with Commerce Velocity focusing on loan origination technology and the ServiceLink Fusion group focusing on new configurations of the platform for performing servicing.
"This is not a hard-coded default solution," Whitworth said of the servicing platform. "This is a workflow management solution configured to do default and we have a strategy to develop it focus on performing as well as default servicing."
Financial terms of the acquisition were not disclosed, but Whitworth confirmed that with the acquisition, DRI president and CEO Duke Olrich, who founded the company in 1984, will retire. Whitworth said his retirement was by choice because Olrich wants to move on to other things, and that "he was not pushed out."
DRI has offered software to perform default servicing tasks since the savings and loan crisis of the 1980s. In August 2010, DRI launched the fifth incarnation of its default platform. Originally called Rincon, and later DRI Office, it was built from the ground-up as a Web-based platform to replace its 12-year-old predecessor, The Default Solution.
The portal includes configurations that provide workflow for loss mitigation, preforeclosure, foreclosure, bankruptcy, claims, third-party service ordering, litigation, default administration and real estate owned management.