On Monday, ""Dollar Bank"":http://www.dollarbank.com, one of the nation's largest mutual savings banks, announced that it would partner with Wisconsin-based ""Fiserv, Inc."":http://www.fiserv.com by relying on a single online platform that streamlines all of its borrower loan information.
[IMAGE]""Streamlining technologies and enhancing efficiency throughout the loan servicing process is a priority for Fiserv, and Dollar Bank's decision to expand its use of LoanServ is just one more proof point that Fiserv is addressing the needs of the industry,"" said Thomas Gorman, COO for lending solutions at Fiserv.
""Software that supports only consumer loans or only mortgages cannot provide the capabilities that a single platform can deliver,"" Gorman said.
[COLUMN_BREAK]According to Fiserv's website, ""LoanServ"":http://www.loanservicing.fiserv.com/fiserv-loan-servicing-platform.aspx is an online, real-time servicing solution that consolidates borrower information for banks, credit unions, and investors.
The company explains that the platform allows users to track consumer loans, mortgage loans, and home equity loans, among other information, as part of a one-stop shop, single-user environment.
Originally called MortgageServ, Fiserv renamed the single-service solution and began to promote it as a premiere loss mitigation service last August. It joined Fiserv's other solutions, including Mobile Source Capture and Revenue Expansion Program, which the company released at the same time.
Al Williams, EVP at Dollar Bank, said, ""The multi-product functionality and flexibility of the platform will enable us to provide our customers with the additional services they want.""
He added that LoanServ will help Dollar Bank supply customers with additional services, including increased credit card access for home equity loans and locks on mortgage rates.
""This is truly a win-win situation for the bank and our customers,"" Williams said.
Dollar Bank has been using LoanServ from Fiserv to service its mortgage loans since 2007. By consolidating all of its consumer loans onto one servicing platform, Fiserv says the lender can realize additional cost savings and better serve its customers at the same time.