Brookfield-based financial services technology provider Fiserv Inc has upgraded its LoanServ loan modification tool to offer faster processing and to help clients accurately evaluate borrower information in a world where loss mitigation is tasked with strict adherence to federal requirements.
As a result of this improvement, LoanServ has introduced Loan Boarding which enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers. The offering helps improve loss mitigation management and adherence to Fannie Mae investor reporting requirements. Moreover, it reduces the workload and time required to acquire performing and defaulted loans – minutes instead of days. It also handles risk associated with the evaluation of workout options, and provides further add-on solutions to allow servicers to grow their portfolios quickly and efficiently.
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Earlier in February, LoanServ rolled out the Fannie Mae investor reporting requirements for all clients which offers reduced risk and regulatory exposure. The solution simplifies reporting and regulatory compliance efforts, while providing integrated default management controls which helps clients plan the transition to daily reporting well ahead of the effective implementation date set by Fannie Mae.
Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv’s solutions are now used by more than 13,000 clients in over 80 countries worldwide. The company has also more than one-third of U.S. financial institutions relying on its product suite for account processing solutions and expertise.
Bret Leech, head of Lending Solutions at Fiserv, commented: “Aging technology, spread across disparate lending verticals, is driving up the cost of servicing. 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.”