DSNews The homepage of the servicing industry
""Fiserv, Inc."":http://www.fiserv.com said Wednesday that it has rebranded its Loan Servicing Platform with the name LoanServ.
[IMAGE]As a single-platform, real-time solution, LoanServ combines mortgage loans, consumer loans, indirect financing, home equity loans and lines of credit, and distressed loan functionality into one core system so that all of a borrower's retail loan relationships can be supported through one system.
Fiserv's Loan Servicing Platform, now LoanServ, grew out of the company's MortgageServ solution, which Fiserv says was the first Web-enabled, real-time solution for all aspects of mortgage servicing and management.
As the financing needs of borrowers evolved over the past decade, Fiserv invested in a development strategy to add support for not only home equity loans and lines of credit, but for other retail loan products as well.
[COLUMN_BREAK]""The name change is a significant statement about our vision,"" said Thomas Gorman, president of Loan Servicing Solutions at Wisconsin-based Fiserv. ""One of our greatest challenges is ensuring that product innovation is not only a 'good idea' but is also a fundamental contribution to business process improvement.""
Gorman explained that LoanServ ultimately offers a diverse range of financial institutions greater control over their operations and more flexibility to support products, policies, regulatory changes, and customer relationships.
For financial institutions, the mortgage is often the anchor relationship with a customer, and LoanServ ties the mortgage and all other retail loans to the borrower record. Fiserv says this flexibility facilitates real-time integration into the banking environment and provides account information across all customer service channels, at a time when having a consolidated view of all loan relationships and a complete picture of the customer's credit capacity is crucial for mitigating risk.
LoanServ is designed to support any size or type of organization, from entrepreneurial loan servicing operations to the largest financial institutions.
By reducing disparate technology systems and redundant interfaces, and integrating online, real-time transaction processing and workflow automation into a single software system, Fiserv says its LoanServ solution allows banks, credit unions, specialty lenders, and investors to add loans to their portfolios while reducing costs, increasing productivity, and creating opportunity.
