• Integration will provide full circle loan boarding process for all mortgage, line of credit and installment loans
• Benefits include fewer errors and real-time integration between originated and closed loans in Common Origination Platform and LoanServ systems
Brookfield, Wis.– Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that its Common Origination Platform™ and LoanServ™ solutions have been integrated to provide real-time, full-circle loan boarding processes for all mortgage, lines of credit and installment loans. The integration improves efficiency for all users by sharing data points and eliminating potential errors caused by manual data entry.
With an increasing number of financial institutions supporting both production and servicing operations, the integration of the Fiserv solutions provides a consolidated view of each customer as well as a single view of risk for their loan portfolios. The integration eliminates duplication within processes and the business management of the systems.
“Fiserv has clients that use LoanServ to service mortgages, unsecured personal loans and home equity products, and others are using Common Origination Platform to also originate and close the same types of loans,” said Kevin Collins, president, Lending Solutions, Fiserv. “As a result of our integration strategy, organizations that deploy both Common Origination Platform and LoanServ will experience the benefits of improved efficiency and enhanced technology that meets all industry standards.”
Regulatory requirements impact the need for greater standardization during the origination process and how data is presented to borrowers. On the servicing side, monthly statements also are becoming more standardized. The seamless integration of Common Origination Platform and LoanServ will eliminate duplication within processes and the business management of the systems, as well as reduce the number of touch points that may obscure an organization’s total relationship with its lending customers.
LoanServ processes all loan types, including default management and collections, and investor accounting for both closed-end and revolving loans. With the LoanServ solution, data transactions are available online, in real-time so lenders don't have to contend with the limitations associated with an end-of-day batch processing cycle.
Common Origination Platform is an enterprise lending solution designed to originate consumer, business, mortgage and real estate-backed loans. Additionally, lenders can establish their own business standards including operating procedures, conditions and limits to automate virtually every origination transaction.
• Enterprise Consumer Lending Brochure - http://bit.ly/16Iyrh8
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
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