Process all retail loans using one solution that ties together all of a borrower's loans. Consolidate loan servicing functions and create one debt service operation without the limitations imposed by legacy systems.
Today's survival-of-the-fittest environment is pushing financial institutions to evaluate ways to refine processes throughout their organizations. Duplicating effort across multiple products and managing the expense of supporting and integrating disparate platforms hurts the organizations in terms of profitability, operational efficiency, and compliance and risk mitigation – ultimately jeopardizing borrower relationships.
In many cases, the technology landscape in the financial services industry includes redundant, inefficient and incompatible systems that are increasingly costly to maintain. The productivity improvements, potential FTE reassignments and ability to support a more diverse loan portfolio resulting from consolidating loans can dramatically offset the cost of converting to new technology.
The Fiserv loan servicing solution supports all retail loan products – mortgages, home equity loans and lines of credit, personal loans and lines of credit, and installment loans – on a single platform. Most servicing solutions are loan-centric, which means the information about a borrower lives on the loan record itself. The Fiserv solution stores borrower data in one centralized place. Harnessing the power of that consolidated data allows loan servicers to do a better job of managing risk, providing customer service, and addressing default management challenges. You will be better positioned to understand borrower credit capacity, identify credit risk, efficiently support loss mitigation initiatives, and meet regulatory compliance requirements.
A consolidated approach to servicing increases opportunities in new lending markets; provides more flexibility for securitization; empowers you to take control over the regulatory environment; and results in more responsive servicing associates who can better serve your borrowers.
Fiserv replaces siloed servicing, collections and loss mitigation systems with an enterprise solution for high-volume, multiproduct, and multi-entity lending organizations where complexity has traditionally been accepted as a cost of doing business. Benefits of the Fiserv solution include:
- Reduce technology and operations costs. Optimize staff and eliminate system and process redundancies
- Respond quickly to changing industry policies and regulations. Achieve greater transparency between regulators, borrowers, investors and departments within your organization
- Leverage integrated default management. Offer best-option loss mitigation strategies that benefit the borrower and your bottom line
- Gain complete control over investor relationships. Immediately see the impact of every borrower transaction and simplify investor compliance and reporting
- Offer multiple-channel borrower engagement. Meet consumer demand for 24/7 access to loan information
- Accelerate transition to digital lending. Adopt paper-free practices that enable secure, electronic sharing of loan data and documents