""Fiserv, Inc."":http://www.fiserv.com/index.htm, a provider of technology solutions for the financial services industry, says lenders and servicers seeking help to maintain compliance with the Consumer Financial Protection Bureau's (CFPB) servicing rules should look no further than the company's LoanComplete suite of products.[IMAGE]
In a release, Fiserv specifically pointed to two of CFPB's final servicing rules: The Real Estate Settlement Procedures Act (Regulation X), which lays out requirements for communications regarding loss mitigation options, and the Truth in Lending Act [COLUMN_BREAK]
(Regulation Z), which establishes guidelines for companies to respond to consumer requests for information regarding their loans.
To help companies address these issues, LoanComplete automatically gathers documents for the required servicing file, tracks missing documents across the servicing process spectrum, audits transfer files for data mismatches and critical documents, and accumulates and archives notes, documents, and borrower communications.
All of these processes are automated, Fiserv says, allowing institutions to avoid the costs of additional staff to meet the new regulatory requirements.
""The lending environment has become increasingly complex, and lenders and loan servicers are trying to manage all of the new requirements that are not supported by traditional lending technologies,"" said Gregg Lehman, product manager of enterprise content management at Fiserv. ""LoanComplete is the first comprehensive solution that complements existing lending systems and simplifies the regulatory compliance, loan origination and servicing processes, and helps lending institutions reduce risk, increase customer satisfaction and enhance profitability.""