Secondary Market Reporting for Precision
For some financial institutions, making a play in the secondary mortgage market is an attractive and profitable part of doing business. Secondary Market Reporting for Precision® from Fiserv can assist with tracking and reporting for these collateralized obligations.
When you service mortgages and sell grouped loans as securities to investors, your business can reduce risk by taking these loans off your books, making more money available for lending while still collecting service fees.
To make this business strategy more efficient and cost-effective, there are special considerations that require technology that Secondary Market Reporting provides. This solution simplifies the process of providing regularly scheduled reports to securities investors.
- Remittance reporting: A file and report from Precision are imported into Secondary Market Reporting, providing payment remittance and service fee information to your private investors, government-sponsored enterprises such as Freddie Mac and Fannie Mae, as well as the Federal Home Loan Bank
- Advanced payment tracking for remittance pools: This feature tracks the amount of scheduled interest payments your financial institution provides to Freddie Mac, even when borrowers are delinquent in providing the loan principal amount to you
- Service fee tracking and reporting: Service fees due to your organization are calculated and accrued as income for servicing the mortgage loans. The information is then reported and deducted from remittances paid to your investors
- Custodial account reconciliation reports: With these regularly scheduled reports, you can provide investors with a summary of the amounts they received during a certain time period. This helps track money held in custodial accounts prior to those payments being submitted to your investors by ACH
For more information on Secondary Market Reporting for Precision and other solutions from Fiserv, call us at 800-872-7882 or Contact Us.