Most recently known as the Loan Servicing Platform from Fiserv, LoanServ grew out of the company's popular MortgageServ solution which at the time was the first web-enabled, real-time solution for all aspects of mortgage servicing and management. As the financing needs of borrowers evolved over the past decade, Fiserv invested in a development strategy to add support for not only home equity loans and lines of credit but for other retail loan products as well. As a result, LoanServ is the only servicing system today that has integrated support for all of these financing instruments.
"The name change is a significant statement about our vision," said Thomas Gorman, president, Loan Servicing Solutions, Fiserv. "One of our greatest challenges is ensuring that product innovation is not only a 'good idea' but is also a fundamental contribution to business process improvement. LoanServ is a powerful solution that ultimately offers a diverse range of financial institutions greater control over their operations and more flexibility to support products, policies, regulatory changes and customer relationships."
For financial institutions, the mortgage is often the anchor relationship with a customer, and LoanServ ties the mortgage and all other retail loans to the borrower record. This flexibility facilitates real-time integration into the banking environment and provides account information across all customer service channels. Having a consolidated view of all loan relationships is crucial for mitigating risk because it considers the customer's complete credit capacity.
"As the complexities of providing financing evolve, LoanServ will give financial institutions the breadth and depth to respond to the needs of their customers and their households, backed by Fiserv associates who are passionate about providing value to our clients' businesses," said Gorman.
Designed to support any size or type of institution, LoanServ can be deployed at a range of financial organizations, from entrepreneurial loan servicing operations to the largest financial institutions. By reducing disparate technology systems and redundant interfaces, and integrating online, real-time transaction processing and workflow automation into a single software system, LoanServ allows banks, credit unions, specialty lenders and investors to add loans to their portfolios while reducing costs, increasing productivity and creating opportunity.