Bear Stearns Residential Mortgage Corp. Goes Live on Fiserv UniFi(R) PRO Loan Origination System in Under Six Months.BROOKFIELD, Wis. -- Fiserv Lending Solutions, a business unit of Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ), today announced the implementation of its UniFi(R) PRO loan operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. by Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Residential Mortgage Corporation, which provides mortgage brokers with an easy, streamlined solution for financing home mortgage loans. Bear Stearns Residential Mortgage will be integrating the UniFi PRO operating system into its BearDirect.net online platform to produce subprime, alternative-A and piggyback piggyback 1. A broker trading in his or her personal account after trading in the same security for a customer. The broker may believe the customer has access to privileged information that will cause the transaction to be profitable. 2. loans. A wholly-owned subsidiary of The Bear Stearns Companies Inc., Bear Stearns Residential Mortgage is based in Scottsdale, Ariz., and originates loans in 29 states. Irving, Texas-based EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Corporation, also a subsidiary of The Bear Stearns Companies Inc., has been utilizing the UniFi PRO system since 2002 in its correspondent lending business. "We attempted the impossible: implementation of a highly configurable, multichannel Using two or more paths for transmission or processing. It can refer to a variety of architectures including (1) multiple I/O channels between the CPU and peripheral devices, (2) multiple wires in a cable, (3) multiple "logical" channels within a single wire or fiber or (4) multiple loan operating system within a six-month time frame to meet our aggressive business plan," said Jeff Walton, chief executive officer of Bear Stearns Residential Mortgage. "Fiserv Lending Solutions and Bear Stearns Residential Mortgage joined together to make this a success. We were up and running with UniFi PRO on time and on budget. We could not ask for a better partnership." The UniFi PRO loan operating system provides Bear Stearns Residential Mortgage with comprehensive workflow functionality, document production, management reporting and advanced support for multiple business channels Business channels are TV channels that concentrate on business news. List of channels
Christine Schulte, vice president of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. for Fiserv Lending Solutions, explained that defining and managing the project scope up front greatly helped to ensure a successful implementation. Fiserv Lending Solutions consultants worked with Bear Stearns Residential Mortgage to understand expectations and objectives and then advised them on best-practice use of UniFi PRO's rich set of features and functions. "The successful launch of Bear Stearns Residential Mortgage's start-up wholesale and correspondent lending operation required in-depth knowledge of their business strategy, service offerings and product lines in order to configure UniFi PRO to match their unique business needs," explained Schulte. The UniFi PRO implementation involved a dedicated team of Bear Stearns Residential Mortgage and Fiserv Lending Solutions professionals with extensive lending and system knowledge. Chartered to meet the six-month goal, the team worked side-by-side to create a customized loan operating solution using Bear Stearns Residential Mortgage's business rules and requirements. In addition to system implementation, Fiserv Lending Solutions also trained Bear Stearns Residential Mortgage's new staff to be immediately productive on the UniFi PRO system. In business now for slightly less than one year, Bear Stearns Residential Mortgage has successfully managed an increasing volume of business. The company expects its efficient use of technology, as well as its business growth, to continue. Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $54.3 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 12,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at www.bearstearns.com. UniFi PRO is a "next-generation" enterprise lending solution that blends innovative, Web-centric technology with proven business logic. With its service oriented architecture, 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. UniFi PRO automates every phase 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. origination, electronic processing, traditional processing, and closing. UniFi PRO is part of Fiserv Lending Solutions, a suite of products and services for mortgage, consumer and equity lenders. The comprehensive lending solutions set includes loan origination 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. and servicing software; lead management and customer loyalty services; electronic document management solutions; automated lending services such as credit, flood and valuations; field services such as appraisals, inspections and broker price opinions; closing services; and default management solutions. Further details are available on the Internet at www.fiservlendingsolutions.com. Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, 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 17,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $4.1 billion in total revenues for 2005. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 and 2005 FinTech 100 surveys by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com. |
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