Fiserv, Inc., a leading global provider of financial services technology solutions, announced today that Gateway Mortgage Group, LLC has selected its LoanServ platform for the company's mortgage servicing technology needs.
Gateway, one of the largest privately held mortgage bankers in the United States, will use LoanServ to enhance its customer experience and grow its home loan servicing portfolio through its retail and correspondent channels nationwide.
"We have more than tripled our total mortgage origination volume over the last four years, but origination is just the first step in the home loan process," said Kevin Stitt, CEO, Gateway Mortgage Group. "We currently service more than $3 billion in residential mortgages. LoanServ from Fiserv gives us the capability to significantly increase our servicing capacity and help us better serve our customers through the life of their loan."
Using LoanServ, Gateway will be able to perform the full range of mortgage servicing functions including escrow, payment processing, investor reporting and default management. Gateway executives anticipate that the selection of the Fiserv solution will help them increase employee productivity, improve operational efficiency, react more effectively to changes in modification programs such as HAMP and HARP, and streamline the default process with workflow automation that reduces errors and frees up resources for use elsewhere within the company.
Gateway services loans from more than 20 states and will use the loss mitigation workflow tool within LoanServ to enhance borrower outreach from its two call centers in Tulsa and Norman, Okla. Gateway primarily services Fannie Mae and Ginnie Mae loans, but plans to broaden its capabilities to support other loan programs.
"We are delighted to partner with Gateway as it gears up to take advantage of the increase in activity in the secondary market," said Kevin Collins, president, Lending Solutions, Fiserv. "Its selection of LoanServ demonstrates the diverse capabilities of the lending solutions Fiserv has to offer, including the flexibility required by an entrepreneurial company such as Gateway Mortgage Group."
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.