Fiserv upgrades loan servicing platform

Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced enhanced investor capabilities for its Loan Servicing Platform.

The technology allows users of its Loan Servicing Platform to have real-time access to the cash position as it relates to their investor portfolios.

San Francisco-based Bank of the West, with $60 billion in assets, is already using the new investor capability on the Fiserv Loan Servicing Platform. "The online, real-time investor services from Fiserv allow us to see our portfolio positions at any time, without having to wait for overnight data updates," said Sharon Parrish, senior business systems analyst for Bank of the West. "As a result, we can maintain complete control over investor accounting and reporting and have been able to implement a more efficient and lower cost means to create, modify and add new business processes."

The Loan Servicing Platform investor rules offer flexible, user-defined decisioning and the ability to quickly implement change across the servicing enterprise. Since the rules are stored centrally, all of the information required to invoke them is located entirely within the system.

"Our integrated, rule-enabled investor accounting functionality not only improves business controls and efficiencies but also provides greater control over a lender's investor relationships," said Norwood Sloan, assistant vice president, mortgage product line, Fiserv. "Tools within the software let servicers create unique investor profiles that ensure guidelines are followed for every loan product across the portfolio."

"Unlike a traditional rules engine, our process allows lenders to manage the rules based on specific business needs," said Sloan. "Fiserv has replaced the typical day-old data generated by legacy batch systems with investor accounting functionality that is much more flexible because the data is available in real -time. Aside from reducing the time it takes to define and run reports, real-time access makes it easier to construct planning scenarios."

The Loan Servicing Platform is an example of the Fiserv core competency in processing services and provides immediate access to borrower information, account transactions and investor data that is critical to lending institutions.

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