Fiserv (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that EnerBank USA, which specializes in unsecured financing for home improvement and home energy loans through strategic business partners, will migrate its entire loan portfolio to the Fiserv Loan Servicing Platform.
The Fiserv Loan Servicing Platform supports a seamless interface to EnerBank USA's loan origination system so that once a loan is activated - it is boarded automatically to the Fiserv software.
The implementation of the Fiserv Loan Servicing Platform, will move EnerBank from paper check funding to an automatic funding process so that the bank can achieve full automation through the loan servicing system and assure payment to contractors in a more timely and convenient manner. On the Fiserv platform loan proceeds are remitted to contractors electronically via ACH, streamlining the payment process.
"We needed a flexible servicing platform to support our unique business model," said Louise Kelly, president and chief executive officer of EnerBank USA. "Unlike the customer base of most loan servicers, EnerBank customers are manufacturers, distributors and retailers of home improvement products and services; HVAC, (heating, ventilating and air conditioning) and plumbing contractors; gas and electric utilities; fuel oil companies; remodeling industry associations and government agencies. We have quality-controlled workflow processes in place that effectively help to protect the bank's sponsors, the sponsors' authorized dealers, and independent contractors from the risk of liability claims and customer complaints. With the Fiserv Loan Servicing Platform we will have all the functionality we need in one place, plus scalability and flexibility to support our continued growth and enhancements to our business model based on the needs of our customers. Unsecured home improvement lending for homeowners through strategic business partners is EnerBank's only business and we strive to be the best at what we do. We chose the Fiserv Loan Servicing Platform to help us better deliver on that commitment to loan program sponsors."
Using the Fiserv Loan Servicing Platform, EnerBank USA will have access to all loan account data through a series of browser screens that are updated in real time. EnerBank USA staff can view the status of the borrower's account or contractor's or loan program sponsor's activity at any time, with access to prior month totals, monthto- date totals and life of relationship totals. The platform also can generate dealer statements, enabling EnerBank USA to totally customize statements using program sponsor and contractor data files.
"To the Fiserv Loan Servicing platform, a loan is a loan, making it possible to handle the bank's unique same-ascash and staged funding loans, as well as revenue share and fee processing requirements," said Thomas Gorman, president, Fiserv Loan Servicing Products. "Because the Fiserv Loan Servicing Platform automates all servicing processes, it will help EnerBank streamline the loan origination process, improve customer service with flexible disbursement and fee collection options, reduce the manual tasks required with fee processing, improve the collection process with real-time data and enhance management and client data analysis and reporting."