Bear Stearns mortgage unit deploys Fiserv loan operating system

Source: Fiserv

Fiserv Lending Solutions, a business unit of Fiserv, Inc. (Nasdaq:FISV), today announced the implementation of its UniFi PRO loan operating system by Bear Stearns Residential Mortgage Corporation, which provides mortgage brokers with an easy, streamlined solution for financing home mortgage loans.

Bear Stearns Residential Mortgage will be integrating the UniFi PRO operating system into its BearDirect.net online platform to produce subprime, alternative-A and piggyback loans. A wholly-owned subsidiary of The Bear Stearns Companies Inc., Bear Stearns Residential Mortgage is based in Scottsdale, Ariz., and originates loans in 29 states. Irving, Texas-based EMC Mortgage Corporation, also a subsidiary of The Bear Stearns Companies Inc., has been utilizing the UniFi PRO system since 2002 in its correspondent lending business.

"We attempted the impossible: implementation of a highly configurable, multichannel loan operating system within a six-month time frame to meet our aggressive business plan," said Jeff Walton, chief executive officer of Bear Stearns Residential Mortgage. "Fiserv Lending Solutions and Bear Stearns Residential Mortgage joined together to make this a success. We were up and running with UniFi PRO on time and on budget. We could not ask for a better partnership."

The UniFi PRO loan operating system provides Bear Stearns Residential Mortgage with comprehensive workflow functionality, document production, management reporting and advanced support for multiple business channels. During the implementation process, UniFi PRO's PowerTools and Automated Task Engine were used to customize screens and workflows, as well as write business rules to minimize human intervention throughout the loan process and reduce data entry to move loan applications quickly toward closing. Bear Stearns Residential Mortgage's online platform, BearDirect.net, enables brokers to complete the loan process with ease.

Christine Schulte, vice president of professional services for Fiserv Lending Solutions, explained that defining and managing the project scope up front greatly helped to ensure a successful implementation. Fiserv Lending Solutions consultants worked with Bear Stearns Residential Mortgage to understand expectations and objectives and then advised them on best-practice use of UniFi PRO's rich set of features and functions.

"The successful launch of Bear Stearns Residential Mortgage's start-up wholesale and correspondent lending operation required in-depth knowledge of their business strategy, service offerings and product lines in order to configure UniFi PRO to match their unique business needs," explained Schulte.

The UniFi PRO implementation involved a dedicated team of Bear Stearns Residential Mortgage and Fiserv Lending Solutions professionals with extensive lending and system knowledge. Chartered to meet the six-month goal, the team worked side-by-side to create a customized loan operating solution using Bear Stearns Residential Mortgage's business rules and requirements.

In addition to system implementation, Fiserv Lending Solutions also trained Bear Stearns Residential Mortgage's new staff to be immediately productive on the UniFi PRO system. In business now for slightly less than one year, Bear Stearns Residential Mortgage has successfully managed an increasing volume of business. The company expects its efficient use of technology, as well as its business growth, to continue.

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