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Atlanta, Georgia Office

3930 East Jones Bridge Road
Atlanta
GA
US

Owings Mills, MD Office

25 Crossroads Drive, Suite 200
Owings Mills
MD
US

Los Angeles Office

11150 Olympic Blvd, Suite 600
Los Angeles, CA
US

The Hague, Holland Office

Loire 200-202
The Hague
NL

London, UK Office

Baker's Hall 7 Harp Lane
London
GB

Singapore Office

30 Cecil St. #22-02/08 Prudential Tower
Singapore
SG

Scottsdale, Arizona Office

7272 E. Indian School Road
Scottsdale
AZ
US

Jersey City, NJ Office

10 Exchange Place, 23rd Floor
Jersey City
NJ
US

Brookfield, Wisconsin Head Office

255 Fiserv Drive
Brookfield
WI
US

Sydney, Australia Office

Level 14 124 Walker Street
North Sydney
AU

Luxembourg Office

4 Rue d'Arlon
Luxembourg
LU

Uxbridge, UK Office

7 Roundwood Ave
Uxbridge
GB

Lake Mary, Florida, US Office

600 Colonial Center Pkwy
Lake Mary
FL
US

Telephone

617-217-2816

Contact

Melanie Cousins
[email protected]
Back to all Fiserv announcements

Fiserv Prepares Servicing Clients to Address Dec. 1 Changes to the Federal Rules of Bankruptcy Procedure

In conjunction with the changes to the Federal Rules of Bankruptcy Procedure (FRBP) which go into effect on December 1, Fiserv, Inc. (NASDAQ: FISV) announced today that its LoanServ(TM) solution offers the capabilities designed to help ensure mortgage servicers are able to stay compliant amidst evolving regulations. Fiserv is a leading global provider of financial services technology solutions and provides a range of solutions to support end-to-end loan management, enabling lenders to be more agile, more efficient and more responsive to increasing demands.

The rules change the procedures and policies for servicing loans in bankruptcy and aim to enhance transparency in the process. Reflecting the recent industry focus on full disclosure and accuracy of accounting, FRBP changes govern the filing of proofs of claim and notice issues related to payment changes, post-petition fees and other accuracy checks to actions and data of the servicer. For instance, the new proof of claim (POC) form requires the servicer to attach a statement itemizing interest, fees, expenses and charges included in the claim along with the amount to cure the default and an escrow account statement prepared as of the date of the petition.

"Fiserv has taken steps to educate our clients and help them adapt to the changes in the bankruptcy procedure before they went into effect," said Joe Dombrowski, Mortgage Strategist, Lending Solutions, Fiserv. "We took a collaborative approach to ensure that our clients, who range from small to top five servicers, have the tools needed to comply with these new compliance requirements."

After the changes were announced, Fiserv worked closely with its clients on evaluating system capabilities to account for items such as POC shortages, payment changes, escrow disbursements made before the effective date chosen by each client, and the date fees, expenses and charges are incurred. "No matter which way our clients choose to do the POC analysis or POC-related charges and expenses, we have determined that our LoanServ platform supports the new requirements," Dombrowski said.