Specializing in servicing single-family residential mortgages, MGC's mortgage loan servicing portfolio is growing through portfolio acquisitions. Under the terms of the agreement, MGC will install the Loan Servicing Platform and Fiserv will assist MGC in creating a servicing operation from the ground up. Fiserv will develop and implement best-practice policies and procedures, including integrated solutions for paperless automation and performance management reporting and analytics.
"When our mortgage loan portfolio began growing rapidly, we realized we needed proven technology and new partners to ensure that we service our investors' assets effectively and efficiently, with best-in-class practices," said Larry Walker, MGC President. "Fiserv was overwhelmingly responsive in providing a solution that fit our unique infrastructure."
By using Fiserv loan servicing technology, MGC will be able to diversify its portfolio base and deliver high-quality customer service to its customers. "Utilizing Fiserv's considerable expertise in outsourced servicing, MGC Mortgage can build a more streamlined loan servicing operation with the technology platform, staff and processes to administer our current loan portfolio, while accommodating future portfolio growth," said Walker.
"MGC has chosen to utilize our in-depth knowledge of the servicing environment and to implement our Loan Servicing Platform, data warehouse and content management solution," said Thomas Gorman, president, Loan Servicing Solutions, Fiserv. "The servicing platform's versatility and cutting-edge technology provides the flexibility and scale that is essential for a diverse mortgage portfolio. Our expertise and the platform's ability to handle millions of loans allow our clients to develop and enhance their loan-servicing capabilities within a fairly short time frame. Enhancing loan servicing-related capabilities appealed to MGC and allows them to thrive in the most challenging market environments."
The Loan Servicing Platform is an example of the Fiserv core competency in processing services and provides a one-stop source for loan servicing that includes real-time processing, consolidated customer information files and sophisticated workflow. By consolidating back-office servicing functions, Fiserv streamlines internal processes and accelerates information exchange, providing a single, blended debt service operation.