Dollar Bank consolidates consumer loans with Fiserv LaonServ platform

Source: Fiserv

Fiserv, Inc. (NASDAQ:FISV), the leading global provider of financial services technology solutions, today announced that Dollar Bank, the largest independent mutual savings bank in the United States, has expanded its relationship with Fiserv and consolidated all of its consumer loans onto the LoanServ platform.

Dollar Bank has been using LoanServ from Fiserv to service its mortgage loans since 2007. By consolidating all of its consumer loans onto one servicing platform, Dollar Bank can realize additional cost savings and better serve its customers.

"Streamlining technologies and enhancing efficiency throughout the loan servicing process is a priority for Fiserv, and Dollar Bank's decision to expand its use of LoanServ is just one more proof point that Fiserv is addressing the needs of the industry," said Thomas Gorman, Chief Operating Officer, Lending Solutions, Fiserv. "Software that supports only consumer loans or only mortgages cannot provide the capabilities that a single platform can deliver."

In addition to consolidating all of its retail loans to one platform, Dollar Bank has also begun using the LoanServ functionality that gives many of the bank's new and existing HELOC customers credit card access to their line of credit. Traditionally, home equity lines have been managed on credit card or consumer loan systems. Because the lines are secured by real estate, they required either mortgage-specific support that was performed manually, or by another system entirely.

Having a consolidated database enables Dollar Bank to improve efficiencies in other areas as well. Customer service agents, for example, are able to streamline the call process by answering inquiries about all loans at one time, without having to redirect the customer. Since authorized employees have access to real-time data, they can more quickly and more accurately quote payoff amounts, manage reinstatements and handle customer service-related transactions.

"The transparency created by moving our installment loans and home equity line of credit loans (HELOCs) to the system that was already supporting our mortgage loans makes using the LoanServ platform quick and easy for our staff," said Al Williams, Executive Vice President, Dollar Bank. "The multi-product functionality and flexibility of the platform will enable us to provide our customers with the additional services they want, such as rate locks and credit card access on home equity lines of credit. Parameters that are critical to proper application of payments are stored in the HELOC product plans, simplifying our servicing processes. This is truly a win-win situation for the bank and our customers."

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