Associated Mortgage to Move its Loan Servicing to the Fiserv MortgageServ Platform.Business Editors BROOKFIELD, Wis.--(BUSINESS WIRE)--Feb. 17, 2004 Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ) announced today that Associated Mortgage has selected the Fiserv MortgageServ loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. system to process its mortgage loans. Citing the strength of the provider, sound implementation practices and advantages in the technology, Associated Mortgage found MortgageServ to be the best choice in servicing platforms. Associated Bank, a sister company, relies on Fiserv for account processing. "Fiserv provides a range of data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a services with a flexibility that brings great efficiency and value to our banking customers," said Donald Peters, Associated Executive Vice President. "Now MortgageServ will provide us with the same level of control on the loan servicing side. It will be a great complement." Fiserv Mortgage Servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. Systems President Sadu Thinakal said the MortgageServ system is a natural fit for a company that likes to drive technology its own way. "Associated has selected other Fiserv systems because of flexibility," Thinakal said. "MortgageServ will provide Associated Mortgage with opportunities to customize mortgage servicing processes by defining different ways of working with its various mortgage products." Associated Mortgage Senior Vice President Brad Northcraft and his associates analyzed hundreds of servicing system requirements To be used efficiently, all computer software needs certain hardware components or other software resources to be present on a computer system. These pre-requisites are known as (computer) system requirements and are often used as a guideline as opposed to an absolute rule. before deciding on MortgageServ. "We conducted a thorough review of servicing platforms," said Northcraft. "Our team saw opportunities in MortgageServ's single platform, real-time processing Noun 1. real-time processing - data processing fast enough to keep up with an outside process real-time operation data processing - (computer science) a series of operations on data by a computer in order to retrieve or transform or classify information capabilities and integrated workflow tools. After seeing first hand the breadth of functionality and built-in efficiencies of MortgageServ, we felt very comfortable selecting the system." Associated, headquartered in Green Bay, Wisconsin Green Bay is the county seat of Brown County in the U.S. state of Wisconsin. The city is located at the head of its namesake Green Bay, a sub-basin of Lake Michigan, at the mouth of the Fox River. , has more than 200 banking offices serving more than 150 communities in Wisconsin, Illinois and Minnesota. The company offers a full range of traditional banking services and a variety of financially related products and services. On the web: www.AssociatedBank.com. The Fiserv Lending Systems & Services solution set is focused on providing the end-to-end technology, process outsourcing and consulting resources that financial institutions need to produce and process mortgage loans, home equity lines, and automotive loans and leases. Fiserv lending systems and solutions are designed to streamline processes, better manage customer relationships and increase profitability. Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial industry, including transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com. |
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