Saxon Mortgage Services, Inc. Leverages Fiserv's MortgageServ to Expand Servicing
Saxon Mortgage Services, Inc. Leverages Fiserv's MortgageServ to Expand Servicing
September 14, 2005
Saxon Mortgage Services, Inc. Leverages Fiserv's MortgageServ to Expand ServicingBROOKFIELD, Wis.--Sept. 14, 2005--Fiserv Lending Solutions, a business unit of Fiserv, Inc. (Nasdaq:FISV), announced today that Saxon Mortgage Services, Inc., a subsidiary of Saxon Capital, Inc. (NYSE:SAX), will use the MortgageServ loan servicing system to facilitate multi-site expansion of its servicing business. Since June 30, 2004, Saxon Mortgage Services has experienced a 203 percent growth in total mortgage loans serviced. To better meet the needs of its borrowers, Saxon Mortgage Services is adding a second site in Glen Allen, Va.
"The MortgageServ platform allows us to extend our operations across multiple sites," said Saxon Mortgage Services' president David Dill. "Since it is browser-based and scaleable, we are able to leverage capacity in our Virginia offices and sync that facility up with our Fort Worth headquarters operation."
The result, according to Dill, is that both operations can be united into one real-time workflow. Servicing staff at both locations will log on to the same copy of the MortgageServ system. This will enable the instantaneous exchange of information between sites. With MortgageServ, Saxon Mortgage Services has the option to locate entire departments at one site, or duplicate functional capabilities among the sites.
Saxon Mortgage Services is known by Wall Street investors for its stable portfolio of nonconforming mortgage loan assets and its ability to ensure the performance of those assets. Having two fully functional facilities minimizes the risk of business interruption at either site and ensures continuity of customer service.
"For reporting purposes, we will be able to report loan performance to the Street as one company," said Dill. "Yet, at the same time we will have separate accountability for each of our servicing sites. This will allow us to monitor productivity and service levels by department for each site."
Fiserv Lending Solutions has developed the MortgageServ system architecture to support the needs of servicers with facilities distributed around the world. "Saxon Mortgage Services will have centers in the Eastern and Central time zones of the U.S," said John Tenuta, division president, Fiserv Lending Solutions. "The company will not only maximize facility use, but also maximize staffing intervals. Unlike systems that prohibit after-hours servicing, MortgageServ has 24x7 availability. We've built the system to enable expansion and growth, and Saxon Mortgage Services is leveraging the flexibility of MortgageServ to its operational advantage."
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 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-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.
"The MortgageServ platform allows us to extend our operations across multiple sites," said Saxon Mortgage Services' president David Dill. "Since it is browser-based and scaleable, we are able to leverage capacity in our Virginia offices and sync that facility up with our Fort Worth headquarters operation."
The result, according to Dill, is that both operations can be united into one real-time workflow. Servicing staff at both locations will log on to the same copy of the MortgageServ system. This will enable the instantaneous exchange of information between sites. With MortgageServ, Saxon Mortgage Services has the option to locate entire departments at one site, or duplicate functional capabilities among the sites.
Saxon Mortgage Services is known by Wall Street investors for its stable portfolio of nonconforming mortgage loan assets and its ability to ensure the performance of those assets. Having two fully functional facilities minimizes the risk of business interruption at either site and ensures continuity of customer service.
"For reporting purposes, we will be able to report loan performance to the Street as one company," said Dill. "Yet, at the same time we will have separate accountability for each of our servicing sites. This will allow us to monitor productivity and service levels by department for each site."
Fiserv Lending Solutions has developed the MortgageServ system architecture to support the needs of servicers with facilities distributed around the world. "Saxon Mortgage Services will have centers in the Eastern and Central time zones of the U.S," said John Tenuta, division president, Fiserv Lending Solutions. "The company will not only maximize facility use, but also maximize staffing intervals. Unlike systems that prohibit after-hours servicing, MortgageServ has 24x7 availability. We've built the system to enable expansion and growth, and Saxon Mortgage Services is leveraging the flexibility of MortgageServ to its operational advantage."
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 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-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.