Real Estate Mortgage Network Selects Fiserv Loan Servicing Platform

16 December 2008

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that Real Estate Mortgage Network, Inc. (REMN) will convert its portfolio of loans and Real Estate Owned assets (REOs) to the Fiserv Loan Servicing Platform to assist REMN in streamlining its internal processes and containing costs. In addition, REMN will be able to board new portfolios more quickly and easily with the potential to increase revenue.

REMN is a full-service mortgage bank with its origination operation located in River Edge, N.J., and its servicing operation based out of Melville, NY. The mortgage company serves the lending needs of home buyers, home owners, real estate professionals and builders across the country, offering its customers a wide variety of loan types including: conventional fixed and adjustable rate mortgages; government-backed FHA fixed and adjustable rate mortgages; jumbo mortgages and reverse mortgage products.

“We needed a single platform for servicing all of our different types of loans,” said Richard LaVigna, president, Servicing Division, REMN. “Since we offer mortgage solutions tailored to meet borrowers’ unique needs, we needed a system that is flexible and scalable – one that can grow with us as we grow our business.”

Using the Fiserv Loan Servicing Platform, REMN will be able to retain the servicing of loans it originates. The online, real time capabilities of the platform allow REMN to see payments as they are received, eliminating unnecessary collection calls. The integrated workflow tools of the platform ensure consistency across all of its loan products.

“In this real estate market, investing in technology that enables servicers to board more loans and service them more efficiently makes good business sense,” said Thomas Gorman, president, Fiserv Loan Servicing Products. “REMN will now be able to leverage its partnership with Fiserv to add new lines of business and get them up and running quickly and easily without the need for new staff or significant retraining. The Fiserv Loan Servicing Platform automates all servicing processes from a single browser-based, real-time platform.”

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