Fiserv's UniFi® PRO Loan Origination System Delivers Electronic Documents and Signatures and Closing Automation
Fiserv's UniFi® PRO Loan Origination System Delivers Electronic Documents and Signatures and Closing Automation
October 25, 2005
Fiserv's UniFi(R) PRO Loan Origination System Delivers Electronic Documents and Signatures and Closing AutomationBROOKFIELD, Wis.--Oct. 25, 2005--Fiserv Lending Solutions, a business unit of Fiserv, Inc. (Nasdaq:FISV), is incorporating electronic document presentment and signature, coupled with the ability to automatically schedule closings, into its UniFi® PRO Mortgage eX loan origination system. UniFi PRO will enable lenders to electronically present loan documents directly to borrowers and closing agents via a secure Web site and offer borrowers the option to electronically sign their loan documents online.
UniFi PRO, as the industry's first loan origination platform to integrate electronic alternatives to paper-based processes, will simplify electronic mortgage adoption for lenders. According to John Tenuta, division president of Fiserv Lending Solutions, UniFi PRO's electronic processes have been designed to protect privacy and ensure security, using encryption and multiple layers of authentication.
"With this integration, Fiserv delivers single-vendor access to electronic processes directly through the loan origination system," said Tenuta.
Until now, lenders have required the extensive integration of multiple providers and disparate technology to provide the same functionality. Lender adoption of electronic processes will improve application pull-through rates by engaging borrowers using a secure, branded and interactive Web site that promotes customer loyalty, according to Tenuta.
The new functionality will streamline document distribution, the capture of signed documents and notification to involved parties as documents are signed. As lenders ship disclosure and application documents to the Web site via UniFi PRO, an e-mail will automatically be sent to borrowers explaining how to log on to view the documents. After logging on and authenticating their identity, borrowers will be asked to provide consent to electronically conduct the signature process. The Web site will provide borrowers with access to documents, lender contact information and descriptions of the loan documents involved. As borrowers view, print or sign documents, the Web site will notify the lender via an interface with UniFi PRO in order to facilitate compliance monitoring for such requirements as three-day disclosure delivery.
"With electronic document management integrated into UniFi PRO, lenders will be able to write more business and compress cycle times. We are creating a collaborative, information-rich environment that will help borrowers feel confident about using electronic processes so that they will be able to quickly execute documents," said Tenuta.
Some third-party document management systems only enable electronic signatures. With UniFi PRO, lenders will retain borrowers who prefer to sign using ink on paper.
"Even if a borrower decides that signing a document electronically is not for them, there is no need for them to abandon the application because they will also have the option to print, sign and mail paper documents," said Tenuta. "UniFi PRO will take the application through to closing, no matter how the borrower chooses to sign the documents or close the loan."
The electronic signature process will be easy for borrowers to understand and use. When borrowers affix their electronic signatures, pop-up confirmation boxes will appear to obtain validation. Once confirmed, borrowers will be able to immediately view and print the document, complete with signature.
Lender-specified closing agents also will access the Web site to view and print closing packets, upload additional documents and confirm scheduled closing appointments. Before closing, agents and borrowers will be able to view documents online to ensure the documents are correct and prevent delays due to inaccuracies, missed signatures and undisclosed alterations. If lenders prefer, access to the closing documents can be restricted to closing agents.
When it is time for the actual closing, the Web site will be accessed to print documents for ink signature or view the documents for electronic signature. For the electronic option, borrowers will affix their signatures and closing agents will electronically notarize the documents. Closing agents also will enter information about how the borrowers' identifications were verified so that lenders have complete transaction records for non-repudiation purposes. Once closed, the electronically signed notes will be automatically registered with the MERS® eRegistry and stored in UniFi PRO's electronic vault for post-closing access and transfer to secondary market partners.
UniFi PRO Mortgage eX is a next-generation loan origination system that blends innovative, Web-centric technology with proven business logic. With its service-oriented architecture, highly configurable decision-making and workflow capabilities, and complete integration to a wide range of services and business systems, UniFi PRO Mortgage eX offers lenders the tools to achieve a fully automated, end-to-end mortgage-processing environment. UniFi PRO Mortgage eX automates every phase of mortgage and home-equity loan origination, electronic processing, traditional processing and closing. UniFi PRO Mortgage eX is an offering of Fiserv Lending Solutions, a suite of products and services for mortgage, consumer and equity lenders. The comprehensive lending solutions set includes loan origination and servicing software; lead management and customer loyalty services; electronic document management solutions; automated lending services such as credit, flood and valuations; field services such as appraisals, inspections and broker price opinions; closing services; and default management solutions. Further details are available on the Internet at www.fiservlendingsolutions.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
UniFi PRO, as the industry's first loan origination platform to integrate electronic alternatives to paper-based processes, will simplify electronic mortgage adoption for lenders. According to John Tenuta, division president of Fiserv Lending Solutions, UniFi PRO's electronic processes have been designed to protect privacy and ensure security, using encryption and multiple layers of authentication.
"With this integration, Fiserv delivers single-vendor access to electronic processes directly through the loan origination system," said Tenuta.
Until now, lenders have required the extensive integration of multiple providers and disparate technology to provide the same functionality. Lender adoption of electronic processes will improve application pull-through rates by engaging borrowers using a secure, branded and interactive Web site that promotes customer loyalty, according to Tenuta.
The new functionality will streamline document distribution, the capture of signed documents and notification to involved parties as documents are signed. As lenders ship disclosure and application documents to the Web site via UniFi PRO, an e-mail will automatically be sent to borrowers explaining how to log on to view the documents. After logging on and authenticating their identity, borrowers will be asked to provide consent to electronically conduct the signature process. The Web site will provide borrowers with access to documents, lender contact information and descriptions of the loan documents involved. As borrowers view, print or sign documents, the Web site will notify the lender via an interface with UniFi PRO in order to facilitate compliance monitoring for such requirements as three-day disclosure delivery.
"With electronic document management integrated into UniFi PRO, lenders will be able to write more business and compress cycle times. We are creating a collaborative, information-rich environment that will help borrowers feel confident about using electronic processes so that they will be able to quickly execute documents," said Tenuta.
Some third-party document management systems only enable electronic signatures. With UniFi PRO, lenders will retain borrowers who prefer to sign using ink on paper.
"Even if a borrower decides that signing a document electronically is not for them, there is no need for them to abandon the application because they will also have the option to print, sign and mail paper documents," said Tenuta. "UniFi PRO will take the application through to closing, no matter how the borrower chooses to sign the documents or close the loan."
The electronic signature process will be easy for borrowers to understand and use. When borrowers affix their electronic signatures, pop-up confirmation boxes will appear to obtain validation. Once confirmed, borrowers will be able to immediately view and print the document, complete with signature.
Lender-specified closing agents also will access the Web site to view and print closing packets, upload additional documents and confirm scheduled closing appointments. Before closing, agents and borrowers will be able to view documents online to ensure the documents are correct and prevent delays due to inaccuracies, missed signatures and undisclosed alterations. If lenders prefer, access to the closing documents can be restricted to closing agents.
When it is time for the actual closing, the Web site will be accessed to print documents for ink signature or view the documents for electronic signature. For the electronic option, borrowers will affix their signatures and closing agents will electronically notarize the documents. Closing agents also will enter information about how the borrowers' identifications were verified so that lenders have complete transaction records for non-repudiation purposes. Once closed, the electronically signed notes will be automatically registered with the MERS® eRegistry and stored in UniFi PRO's electronic vault for post-closing access and transfer to secondary market partners.
UniFi PRO Mortgage eX is a next-generation loan origination system that blends innovative, Web-centric technology with proven business logic. With its service-oriented architecture, highly configurable decision-making and workflow capabilities, and complete integration to a wide range of services and business systems, UniFi PRO Mortgage eX offers lenders the tools to achieve a fully automated, end-to-end mortgage-processing environment. UniFi PRO Mortgage eX automates every phase of mortgage and home-equity loan origination, electronic processing, traditional processing and closing. UniFi PRO Mortgage eX is an offering of Fiserv Lending Solutions, a suite of products and services for mortgage, consumer and equity lenders. The comprehensive lending solutions set includes loan origination and servicing software; lead management and customer loyalty services; electronic document management solutions; automated lending services such as credit, flood and valuations; field services such as appraisals, inspections and broker price opinions; closing services; and default management solutions. Further details are available on the Internet at www.fiservlendingsolutions.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.