Chase to dismantle legacy mortgage systems; signs for Fiserv MortgageServ
18 November 2005 | 6400 views | 0
Chase, the consumer and commercial banking unit of JPMorgan, is rolling out Fiserv's mortgage servicing platfom, MortgageServ, to replace its outdated and disparate legacy systems.
Fiserv says Chase is replacing and substantially upgrading its multiple legacy platforms to service its $515 billion portfolio.
Scott Powell, head of servicing, Chase, says: "We plan to consolidate and upgrade our platform to help grow our mortgage business."
The bank said last month that it plans to add 800 mortgage officers - an increase of 30% - over the next year.
Leslie Muma, president and CEO, Fiserv, says: "MortgageServ would give Chase not only excellent support for all its mortgage products, but it also will provide the flexibility to roll out new products quickly."
He says Chase will also be able to integrate delinquency and default management into its core servicing system.