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Fidelity National Financial and Bank of America Announce The Formation of Financial ServiceSolutions

IRVINE, Calif., Apr 24, 2003 /PRNewswire-FirstCall via COMTEX/ --

Fidelity National Financial, Inc. (NYSE: FNF) and Bank of America Corporation (NYSE: BAC) today announced their intent to form a joint venture to integrate their industry leading technologies and create a business process outsource utility for mortgage lenders and other mortgage market participants. The 50/50 joint venture, called Financial ServiceSolutions, LLC, creates the industry standard for an integrated, end-to-end mortgage fulfillment platform.

The venture will deliver technology, people and process solutions for its clients to support a full range of services from application through closing and account set up. Clients may access the full menu of services offered, or only those services most essential to their individual business. The company's systems operate on an open architecture, offering lenders the flexibility to imbed their own proprietary business rules. Among the leading technologies forming the platform are Real EC, which is 60 percent owned by Fidelity National Information Solutions, Inc. (Nasdaq: FNIS), a majority-owned, publicly traded subsidiary of FNF and Lendware, operated by Framework, Inc., which was acquired by Bank of American in February 2003.

"Lenders who use the technology and fulfillment capability of Financial ServiceSolutions will be able to leverage our costs," said William P. Foley, II, Chairman and Chief Executive Officer of FNF. "This allows lenders to concentrate on strategic activities, including development of their brand and distribution channels."

"Financial ServiceSolutions is an answer to the mortgage industry's need for reinvention," said Kevin Shannon, Bank of America Consumer Real Estate President. "We believe this venture will bring noticeable and consistent improvement to the customers of lenders who utilize its technology and processes."

"We have created a utility for the industry that will help lenders drive growth of their brand, while our venture helps them drive down costs and deliver mortgage products with a more predictable, reliable and consistent customer experience," said Greg Sullins, President and Chief Executive Officer of Financial ServiceSolutions.

Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The Company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information Services, which has clients in more than 50 countries. It processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2 trillion and has processing and technology relationships with 48 of the top 50 U. S. banks who rely on Fidelity Information Services' processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the country, including mortgages, is processed on Fidelity Information Services software applications. Fidelity National Information Solutions (Nasdaq: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at , and .

One of the world's leading financial services companies and one of the nation's leading providers of home financing, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is News, speeches and other corporate information may be found at .

This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.

SOURCE Fidelity National Financial, Inc.; Bank of America Corporation

Daniel Kennedy Murphy, Senior Vice President, Finance and
Investor Relations, of Fidelity National Financial, Inc., +1-805-696-7218,; or Dan Frahm, Senior Vice President, Communications, of Bank
of America, +1-704-388-2840,

Copyright (C) 2003 PR Newswire. All rights reserved.

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