Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, enhanced LoanServ, which provides comprehensive servicing with one workforce, one workflow, and one customer-centric approach to loan servicers of all sizes, to support the technology needs of servicers poised for growth in 2017.
“Aging technology, spread across disparate lending verticals, is driving up the cost of servicing,” said Bret Leech, president, Lending Solutions, Fiserv. “Add to that market pressures and regulatory requirements and growth can be a real challenge for servicers. Our continued investment in LoanServ results in fewer operational limitations, which manages cost and enables growth for our clients while providing a better borrower experience.”
Enhancements to LoanServ, an online, real-time solution, include the introduction of Loan Boarding, improved loss mitigation management and adherence to Fannie Mae investor reporting requirements. Loan Boarding reduces the time it takes - minutes instead of days - to acquire performing and defaulted loans, helping servicers grow their portfolios quickly and efficiently, therefore, improving the ability of servicers to bid on a portfolio they must board rapidly.
Improved default management capabilities are designed to enhance communication with attorneys, including secure document exchanges, plus loss mitigation decision-making that streamlines processes to reduce risk. On February 1st, LoanServ rolled out the Fannie Mae investor reporting requirements for all clients. The adaptive rules engine for investor management in LoanServ allowed changes to be made quickly, so the focus was on helping clients plan the transition to daily reporting well ahead of the effective implementation date set by Fannie Mae.