Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Cole Taylor Mortgage, a division of Chicago-based Cole Taylor Bank, has deployed the LoanServ platform from Fiserv to support its expanding loan servicing portfolio and further develop its full-service mortgage banking capabilities.
Cole Taylor Mortgage is also rolling out LoanLink(TM), a consumer-facing self-service website for its borrowers provided by Fiserv.
"LoanServ has the customized functionality we need from a loan servicing technology platform - including escrow, default management, investor accounting and payment processes - to enable us to achieve our growth goals," said Willie Newman, president of Cole Taylor Mortgage. "We are pleased with our new relationship with Fiserv, and impressed with how its team seamlessly handled our first major conversion of mortgage servicing rights onto the LoanServ platform."
Having achieved substantial growth in its mortgage origination division over the last few years, Cole Taylor Mortgage recently created an in-house servicing operation that offers greater flexibility and provides an improved customer service experience to increase top-line growth. With the successful migration to LoanServ, Cole Taylor Mortgage is now well positioned to further expand its loan servicing footprint, retain a greater share of revenue and seamlessly onboard acquired servicing assets.
As of June 30, Cole Taylor Mortgage held servicing rights for over 55,000 mortgage loans.
"As Cole Taylor Mortgage expands its service offerings and becomes a full-service mortgage provider, it's important they have a strong partner to support that growth," said Kevin Collins, president, Lending Solutions, Fiserv. "The selection of LoanServ and LoanLink reinforces the value of the lending technology solutions from Fiserv, especially the transparency, flexibility and seamless integration desired by industry leaders such as Cole Taylor Mortgage."
LoanServ automates all loan servicing processes, including integrated default management and collections, cashiering, escrow, and investor accounting for both closed-end and revolving loans. With the LoanServ solution, data transactions are available online in real-time to ease compliance risk and eliminate the limitations associated with an end-of-day batch processing cycle.