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Fiserv Lending Solutions boosts its Loan Servicing Platform.

Lake Mary, Florida-based Fiserv Lending Solutions, a unit of Brookfield, Wisconsin-based Fiserv Inc., has announced the addition of installment loan functionality to its Loan Servicing Platform.

The platform now provides accounting, secondary marketing and default management support for all mortgage, home-equity line of credit (HELOC), personal credit line and installment loan products, according to Cathy Martin, vice president of consumer loan products at Fiserv Lending Solutions.

"Fiserv Lending Solutions is committed to providing lenders with ways to contain costs and generate revenue. Servicing all loans on one platform makes operations more cost-effective," said Martin. "It is also easier to solicit additional business if a lender can support all the loan products that the borrower needs on one system."

The rules-driven loan administration platform gives financial institutions the power to configure support for fixed-rate, variable rate, interest-only and payment option loans, as well as define promotional interest rates and minimum payments. Its line-of-credit functionality also includes the ability to rate-lock portions of credit lines and access funds via credit-card draws.

"This platform makes it easier for a lender to assess total credit capacity and risk prior to approaching a borrower. That means the lender is better-positioned to offer additional products or credit-line increases," said Martin. "It also provides the tools to better manage default scenarios and improve the chances of loss mitigation."
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Title Annotation:TechNewz
Comment:Fiserv Lending Solutions boosts its Loan Servicing Platform.(TechNewz)
Publication:Mortgage Banking
Date:May 1, 2007
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