Fiserv easyLENDER and UniFi PRO Software Receive MISMO Certification for Automated Underwriting Systems.Compliant data exchange helps reduce mortgage costs and ensures rapid, accurate, consistent underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. approval LAKE MARY Lake Mary may refer to:
Please [ improve this article] or discuss the issue on the talk page. Software is now certified See certification. for automated underwriting systems by the Mortgage Industry Standards Maintenance Organization (MISMO MISMO Mortgage Industry Standards Maintenance Organization MISMO Maintenance Interservice Support Management Office ). MISMO is a not-for-profit subsidiary of the Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association that develops standards to unite lenders and mortgage-technology providers. "Fiserv is delighted to gain MISMO's automation underwriting systems certification for easyLENDER and UniFi PRO," said Ron Duff, senior vice president of IT for Fiserv Lending Solutions. "Our solutions have already been certified for credit and mortgage insurance. Now lenders who use Fiserv loan origination software solutions can have peace of mind in knowing that their transactions with MISMO-compliant automated underwriting systems providers will fully meet MISMO's exacting standards." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Mortgage Banking Association, MISMO is a key factor in achieving maximum connectivity throughout the mortgage industry, from loan origination solutions to fulfillment service providers. Without data exchange standards, lenders must manually enter loan data into multiple systems, which adds cost, increases data errors and slows the lending process; and when vendors use proprietary naming conventions
"The MISMO brand has become widely recognized as offering efficiencies to the mortgage lending industry through standards development and innovation," said Gabe Minton, executive vice president at MISMO. "Certifications give lenders the confidence that products and services will work better together without costly data conversion systems, and technology vendors can be assured that their products and services will exchange mortgage data with speed and efficiency." That efficiency can translate into measurably reduced lending costs. According to the MISMO Time and Motion Study published in October 2004, mortgage data integration can save up to $249 per loan, with about 75 percent of that going to the lender. The study demonstrated potential time and cost savings of 15 percent if MISMO standards were implemented throughout the lending process. In addition to his Fiserv duties, Duff serves on MISMO's 20-member Governance Committee, which, among other activities, oversees MISMO's administration and policy development; directs the organization's efforts to approve, publish and release industry standards; and specifies the direction and goals of the MXCompliance program. The Fiserv certification was completed via the MXCompliance service. "The use of MXCompliance is helping to accelerate the adoption of MISMO standards among mortgage industry trading partners," said Duff, "and MISMO is always delighted to see more technology vendors working to get their products certified. It makes the mortgage process faster and more affordable for both lenders and borrowers." Duff said Fiserv will continue to aggressively support MISMO standards. "MISMO compliance helps ensure that our products can readily exchange data throughout the industry, and our customers benefit from more efficient systems integration, improved data accuracy and lower costs." About MISMO The mission of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO) is to develop, promote, coordinate and maintain voluntary, Internet-based, XML-compatible e-commerce standards for the mortgage industry. Established in 1999 by the Mortgage Bankers Association, MISMO encourages participation from all industry sectors. MISMO created its MXCompliance service in 2005 to help make the MISMO certification process as easy and convenient as possible. Among other offerings, the MXCompliance Web site provides services that vendors can use not only to test their products, but also to achieve and maintain MISMO certification (which must be renewed annually). For more information about MISMO, visit www.mismo.org. To learn more about the MXCompliance process, visit mxcompliance.mismo.org. About easyLENDER, UniFi PRO and Fiserv Lending Solutions The easyLENDER product line is a growing family of complete Internet-enabled loan origination software solutions that automate every phase of mortgage, consumer, home equity and commercial loan origination, processing and closing. easyLENDER software is used nationwide at hundreds of innovative banks, thrifts and credit unions. UniFi PRO is a next-generation enterprise lending solution that blends innovative, Web-centric technology with proven business logic. With its service oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. architecture, highly configurable decision making and workflow capabilities and complete integration to a wide range of business systems and services, UniFi PRO provides lenders with the tools they need to create a fully automated, end-to-end mortgage processing environment. UniFi PRO automates every phase of mortgage and home equity loan origination, electronic and traditional loan processing and closing. easyLENDER and UniFi PRO are part of Fiserv Lending Solutions, a suite of products and services for mortgage, consumer and commercial lenders Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
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 (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , 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. credit unions, banks and thrifts. Fiserv was ranked the largest provider of information technology services to the 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. 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 adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. ., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion