Marriott Vacation Club Using MortgageServ to Service Timeshare Loans
Marriott Vacation Club Using MortgageServ to Service Timeshare Loans
March 10, 2005
Marriott Vacation Club Using MortgageServ to Service Timeshare LoansBROOKFIELD, Wis.--March 10, 2005--Fiserv Lending Solutions, a unit of Fiserv, Inc. (Nasdaq:FISV), announced today that Marriott Vacation Club International is now using the MortgageServ loan servicing platform to manage its vacation ownership loans.
Headquartered in Orlando, Fla., Marriott Vacation Club International has servicing operations situated in Lakeland, Fla., Salt Lake City, Utah and Cork, Ireland. Its vacation ownership resorts are located in many of the world's most popular vacation destinations. Currently, nearly 280,000 families own Marriott vacation properties.
The international nature of Marriott's clientele means owners often live in countries different from those where their vacation properties are located. To facilitate payment collection from countries outside the United States, MortgageServ developed a program to make collection efforts more efficient as well as customer-friendly. Although all its loans run side-by-side on the MortgageServ platform, Marriott can assign its loans to servicing entities within the system that support transactions in either dollars, pounds or euros.
"The architecture of the MortgageServ system enabled Fiserv Lending Solutions to add functionality to support Marriott Vacation Club International's unique business," said John Tenuta, president of Fiserv Lending Solutions. "A 24x7 system access supports the international component of Marriott's business, providing uninterrupted customer service support for off-shore customers and integrating the Ireland servicing center in the operational workflow. MortgageServ's support of multiple currencies within the portfolio also streamlines payment processing, cashiering and reporting."
According to Tenuta, the system's architecture enables niche servicers like Marriott Vacation Clubs International the flexibility to create servicing parameters to match their business needs.
"The complexity of our product is truly unique," said Ed Kinney vice president of corporate affairs for Marriott Vacation Club International. "Each villa at our resorts represents 51 individual interests. This means that an example resort with 650 villas could have the potential of 33,150 mortgages. This number, multiplied by the number of resorts worldwide, would be staggering from a service standpoint."
MortgageServ is an offering of Fiserv Lending Solutions, a suite of products and services provided by Fiserv to mortgage and consumer lenders. Fiserv's comprehensive lending solution set includes mortgage and auto lead generation management, loan origination technology, customer loyalty programs, industry-leading automated valuation model (AVM) products, auto leasing solutions, settlement services and default management.
Fiserv, Inc. provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,500 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded 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.
Headquartered in Orlando, Fla., Marriott Vacation Club International has servicing operations situated in Lakeland, Fla., Salt Lake City, Utah and Cork, Ireland. Its vacation ownership resorts are located in many of the world's most popular vacation destinations. Currently, nearly 280,000 families own Marriott vacation properties.
The international nature of Marriott's clientele means owners often live in countries different from those where their vacation properties are located. To facilitate payment collection from countries outside the United States, MortgageServ developed a program to make collection efforts more efficient as well as customer-friendly. Although all its loans run side-by-side on the MortgageServ platform, Marriott can assign its loans to servicing entities within the system that support transactions in either dollars, pounds or euros.
"The architecture of the MortgageServ system enabled Fiserv Lending Solutions to add functionality to support Marriott Vacation Club International's unique business," said John Tenuta, president of Fiserv Lending Solutions. "A 24x7 system access supports the international component of Marriott's business, providing uninterrupted customer service support for off-shore customers and integrating the Ireland servicing center in the operational workflow. MortgageServ's support of multiple currencies within the portfolio also streamlines payment processing, cashiering and reporting."
According to Tenuta, the system's architecture enables niche servicers like Marriott Vacation Clubs International the flexibility to create servicing parameters to match their business needs.
"The complexity of our product is truly unique," said Ed Kinney vice president of corporate affairs for Marriott Vacation Club International. "Each villa at our resorts represents 51 individual interests. This means that an example resort with 650 villas could have the potential of 33,150 mortgages. This number, multiplied by the number of resorts worldwide, would be staggering from a service standpoint."
MortgageServ is an offering of Fiserv Lending Solutions, a suite of products and services provided by Fiserv to mortgage and consumer lenders. Fiserv's comprehensive lending solution set includes mortgage and auto lead generation management, loan origination technology, customer loyalty programs, industry-leading automated valuation model (AVM) products, auto leasing solutions, settlement services and default management.
Fiserv, Inc. provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,500 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded 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.