Wisconsin-based Fiserv, Inc., a global provider of financial services technology solutions, has announced an agreement with analytics and data-enabled services provider CoreLogic to integrate CoreLogic’s IntelliMods loan modification decisioning tool with Fiserv’s comprehensive servicing platform, LoanServ. The integration is expected to reduce default risk and improve the time and cost of servicing loans.
“Facing default is a truly distressing situation for a borrower,” said Joe Dombrowski, director of product management, Lending Solutions, Fiserv. “The integration of LoanServ from Fiserv with CoreLogic IntelliMods enables a servicer to quickly—in real time—and accurately evaluate borrower information and present the appropriate loan modification package, thereby reducing default risk and greatly improving borrower interaction.”
The integration will mean faster processing of information necessary for a rules-based analysis of workout options for distressed borrowers to ensure compliance with all federal regulations, including Fannie Mae and Freddie Mac requirements. IntelliMods can deliver a decision in seconds once the user selects a modification profile that includes term extension, rate, or principal reduction. The integration of IntelliMods into LoanServ will trim days off of the process by allowing Fiserv clients to upload, qualify, process, route to borrowers, and track loan modifications at an accelerated rate. The follow-up of terms can also be automated.
Once the terms of the modification are approved, IntelliMods will instantly generate the appropriate modification package. The package can then be sent to the server’s production house for printing, assembly, and shipping, or to FedEx for printing and overnight delivery to the borrower. A prepaid return envelope is included with the FedEx option, which allows servicers to track the package process using recordation using outbound and inbound tracking numbers which are incorporated into IntelliMods.
“As a result of this integration with Fiserv, the CoreLogic IntelliMods platform enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers,” said Sapan Bafna, vice president, advanced delivery engines, CoreLogic. “IntelliMods helps reduce the workload and risk associated with the evaluation of workout options, and provides further add-on solutions for data append, property ownership reports, title reports, compliant document generation, e-delivery, e-sign and recording services.”