A new module available from ""Fiserv, Inc."":http://www.fiserv.com, a global provider of financial services technology solutions headquartered in Wisconsin, gives lenders the ability to offer borrowers the option to access their loan information, including loss mitigation options, via an Apple app.[IMAGE]
The company's new module, ""LoanServ"":http://www.loanservicing.fiserv.com/fiserv-loan-servicing-platform.aspx: LoanLink, allows consumers to update their loan information in real-time via the Internet or iPhone or iPad application.
According to a ""study conducted by Fiserv"":http://www.fiserv.com/research-papers_2010-billing-household-survey.htm last year, the number of mobile phone users who conducted one or more banking services via a mobile phone increased from 23 percent in 2008 to 30 percent in 2010.
The study also revealed that 43 percent of all consumers were interested in conducting a financial transaction on a mobile phone. Interest was greatest (60 percent) among Gen Y consumers. The ""LoanLink iPhone/iPad application"":http://www.flickr.com/photos/fiserv/sets/72157625955885107/detail/[COLUMN_BREAK]
from Fiserv enables lenders to take advantage of this new channel.
""Oftentimes, a mortgage is the anchor relationship that a customer has with their financial institution, so as consumer habits shift, it is vital for lenders to provide the options that will keep those borrowers happy,"" said Thomas Gorman, COO of lending solutions at Fiserv. ""Consumers want to manage their financial lives using the same technologies they use to manage the other aspects of their lives, and this application is giving them that option.""
With LoanLink, lenders can also manage costs since the self-service portal can help reduce the volume on other, more expensive channels. Additionally, lenders can customize the module to address a borrower's specific needs, such as with account cross referencing, loan payments, payoff requests, payment histories, address and contact information updates, customer financial information, and information about loan modifications and other options for borrowers struggling to make their mortgage payments.
""BancorpSouth, Inc."":https://www.bancorpsouthonline.com, a financial holding company in Mississippi with approximately $13.6 billion in assets, saw high adoption rates since implementing the LoanLink online channel in September 2010.
""Implementing LoanLink within the LoanServ solution that BancorpSouth uses was one more way we were able to provide our clients with the kind of world-class service they expect from us,"" said Bill Edwards, president of BancorpSouth Mortgage.