Fiserv to Highlight Lending-Related Default Management Capabilities at MBA National Mortgage Servicing Conference
Brookfield, Wis., February 24, 2010 - MBA Servicing Conference booth #307 -- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it will be showcasing the extensive, end-to-end default management capabilities of its Loan Servicing Platform at the MBA National Mortgage Servicing Conference, February 23-26, in San Diego, Calif.
"In today's rapidly changing market, efficiently managing every step in the default process is especially critical to lenders," said Greg Fontenot, assistant vice president, Loan Servicing Solutions, Fiserv. "With the Loan Servicing Platform from Fiserv, financial institutions have access to a holistic view of all delinquent accounts -- mortgage, installment loans and credit lines -- and can treat them all with holistic default management strategies to reduce losses, and free up time to work with individual customers on solutions."
"While some default products in the market offer tools that address a single aspect of default management, Fiserv provides built-in support for early-intervention loan modifications through REO and asset disposition," Fontenot said.
The Fiserv solution also includes:
Automated loss mitigation workflow - Fiserv has replaced traditional application coding with customizable business rules that give lenders complete control of their business processes. The system evaluates detailed data about the reason for default, the borrower's intent, financial information, property values, additional lien information and workout-specific variables against the defined workflow. This process helps determine the best workout option and ensures it is in compliance with HAMP and other modification programs.
Loan portfolio management center - The loan portfolio management center is the central command for default management within the Loan Servicing Platform. It provides one-touch technology that blends all points of customer, vendor and intra-company contact into one process. Real-time executive and servicing manager dashboards display critical metrics about the status of key components of portfolio composition allowing the lender to manage and evaluate risk.
Interface with the LenStar default attorney communication network - This interface is designed to integrate loan-related data and legal-action milestones into the default management workflow within the Loan Servicing Platform, enabling lenders to communicate with vendor partners about the status of daily activities. The interface provides more efficient access to legal counsel and frees up time to work on solutions with borrowers who have entered the default phase.
Electronic default management processes - Electronic default management within the Loan Servicing Platform allows lenders to expedite collections and quickly and efficiently process loan workouts. Using electronic workflow, every service interaction can result in a completed financial transaction or executed customer agreement while still on the phone with the customer.
The Loan Servicing Platform from Fiserv is an example of the company's core competency in Processing Services and delivers single-platform loan servicing by combining mortgage, line-of-credit and distressed loan support into one system.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrated its 25th year in 2009. For more information, visit www.fiserv.com.