Bank of the West Relies on Flexible Fiserv Technology and Outsourced Services to Evolve and Grow Mortgage Lending Business.BROOKFIELD, Wis. -- Fiserv Lending Solutions, a business unit of Fiserv Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ), announced today that its end-to-end technology platforms will be in place as Bank of the West continues to expand its branch-focused mortgage operations. The genesis of this relationship began late in 2005, when Bank of the West acquired the Omaha-based Commercial Federal Bank, including its lending operation using the Fiserv UniFi([R])PRO and MortgageServ([R]) systems for loan production and life-of-loan management. San Francisco-based Bank of the West, a subsidiary of the BancWest Corp. and global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institution BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. , operates more than 700 retail and business banking locations in 19 Western and Midwestern states. While offering the resources of a large financial network, Bank of the West strives to preserve the branch-focused customer service of a community bank. Prior to its acquisition by Bank of the West, a large percentage of Commercial Federal's portfolio mortgages came through broker correspondent channels. Since the merger, the blended organization is leveraging its extensive branch network to produce mortgage loans that anchor customer relationships. UniFi PRO and MortgageServ continue to drive the institution's production and servicing workflow. During the business transformation, a support team from UniFi PRO Outsource Services provided specialized business and technical support to best harness the two softwares' open architecture and task-management utilities. "We aim to grow our loan portfolio by offering competitive products and responsive customer service," said Jacqi Hrabik, vice president and mortgage systems manager for Bank of the West. "Since UniFi PRO is so highly configurable, we use it to support specific product nuances and processing requirements." UniFi PRO Outsource Services worked with the bank's staff using processes forged through a joint development partnership. "The Fiserv team is unique in that its members possess the accumulated mortgage banking background to understand the objectives Bank of the West is trying to accomplish," said Hrabik. "So as we requested software enhancements, their depth of understanding resulted in real business functionality that could only be developed by professionals with a solid background of knowledge and insight." As changes were made, Fiserv maintained an accurate record of Bank of the West's unique software customizations in a secure, easy-to-manage user directory and updated the bank weekly as to ongoing project status. "Together, we have established a step-by-step migration process for taking a system customization request all the way from development to implementation," said Hrabik. "UniFi PRO Outsource Services partnered with our quality control staff to make changes in a controlled environment and documented those changes at each scheduled event along the way." UniFi PRO Outsource Services is currently working with Bank of the West to streamline Form 1003 Uniform Residential Loan Application (URLA URLA Uniform Residential Loan Application URLA Upper Rideau Lake Association ) processing. "The custom 1003 project will enhance the point-of-sale experience for our mortgage loan customers and simplify staff training requirements," said Hrabik. The intuitive UniFi PRO application should prove particularly valuable as the bank adds 80 new loan officers to manage its loan pipeline throughout the West and Midwest. In addition, the software's functionality enables the bank to develop a wider range of loan products. Prior to its acquisition, Commercial Federal had been a licensed user of MortgageServ, but Bank of the West has opted to rely on Fiserv as an application service provider of the 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. Fiserv carefully managed the migration so that it was transparent to the bank's customers. "The MortgageServ service bureau has proven vital to our customer-centric initiatives," said Hrabik. "We have been able to significantly reduce 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. expenses." To enable Bank of the West to maintain a consistently high level of customer support and satisfaction at reduced cost, MortgageServ ensures accurate processing through the automation of servicing tasks. Following closing, loans upload seamlessly to the MortgageServ service bureau. "Streamlined workflow is a key component to retaining customers and maintaining the profitability of our portfolio loans," said Hrabik. "MortgageServ efficiently manages everything from escrow administration to default to customer service to payment processing to investor reporting." As a nimble provider of technology, consulting and business process management, Fiserv is prepared to adapt its support model to meet Bank of the West's future needs. "We strive to be more than a vendor to our clients; we want to be their partner," said Pat Beran, director, UniFi PRO Outsource Services. "In whatever direction their business needs evolve, we will be available as needed as needed prn. See prn order. to help Bank of the West leverage opportunities and remain competitive." About Bank of the West With assets of $55 billion, Bank of the West is now the third largest commercial bank headquartered in the West. The bank has more than 700 branch and commercial banking locations in California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Nevada, North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , Oklahoma, Oregon, South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , Utah, Washington, Wisconsin Washington is the name of some places in the U.S. state of Wisconsin:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BNP Paribas, a global financial services institution. About UniFi PRO and MortgageServ UniFi PRO is a "next-generation" enterprise lending solution that blends innovative, Web-centric technology with proven business logic. With its service-oriented architecture See SOA. , highly configurable decision-making and workflow capabilities and complete integration to a wide range of services and business systems, UniFi PRO offers lenders the tools to achieve a fully automated, "end-to-end" mortgage-processing environment. MortgageServ is the industry's leading online, real-time solution for the advanced servicing of mortgage and home-equity loan Home-Equity Loan A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. products. Details about UniFi PRO and MortgageServ are available on the Internet at www.fiservlendingsolutions.com. About Fiserv Inc. Fiserv Inc. (Nasdaq:FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include 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. , outsourcing, 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 , software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com. |
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