BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), the leading global provider of financial services
technology solutions, today announced that Dollar
Bank, the largest independent mutual savings bank in the United
States, has expanded its relationship with Fiserv and consolidated all
of its consumer loans onto the LoanServ
platform. 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, Dollar Bank can realize additional
cost savings and better serve its customers.
"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, Chief
Operating Officer, Lending Solutions, Fiserv. "Software that supports
only consumer loans or only mortgages cannot provide the capabilities
that a single platform can deliver."
In addition to consolidating all of its retail loans to one platform,
Dollar Bank has also begun using the LoanServ functionality that gives
many of the bank's new and existing HELOC customers credit card access
to their line of credit. Traditionally, home equity lines have been
managed on credit card or consumer loan systems. Because the lines are
secured by real estate, they required either mortgage-specific support
that was performed manually, or by another system entirely.
Having a consolidated database enables Dollar Bank to improve
efficiencies in other areas as well. Customer service agents, for
example, are able to streamline the call process by answering inquiries
about all loans at one time, without having to redirect the customer.
Since authorized employees have access to real-time data, they can more
quickly and more accurately quote payoff amounts, manage reinstatements
and handle customer service-related transactions.
"The transparency created by moving our installment loans and home
equity line of credit loans (HELOCs) to the system that was already
supporting our mortgage loans makes using the LoanServ platform quick
and easy for our staff," said Al Williams, Executive Vice President,
Dollar Bank. "The multi-product functionality and flexibility of the
platform will enable us to provide our customers with the additional
services they want, such as rate locks and credit card access on home
equity lines of credit. Parameters that are critical to proper
application of payments are stored in the HELOC product plans,
simplifying our servicing processes. This is truly a win-win situation
for the bank and our customers."
LoanServ is a single-platform, real-time solution that combines mortgage
loans, consumer loans, indirect financing, home equity loans and
lines-of-credit and distressed-loan functionality into one core system,
creating efficiencies and convenience for financial institutions.
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 enables banks, credit
unions, specialty lenders and investors to add loans to their portfolios
while reducing costs, increasing productivity and creating opportunity.
About Dollar Bank
Dollar Bank is a $6.1 billion federally chartered mutual savings bank
offering a full range of financial services to individuals and
businesses in the Pittsburgh, PA, and Cleveland, OH, metropolitan areas.
For more information, visit www.dollarbank.com.
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of
information management and electronic commerce systems for the financial
services industry, driving innovation that transforms experiences for
financial institutions and their customers. Fiserv is ranked No. 1 on
the FinTech 100 survey of top technology partners to the financial
services industry. For more information, visit www.fiserv.com.
Public Relations Manager
Source: Fiserv, Inc.
News Provided by Acquire Media