Real-time data transmission from Fiserv Loan Servicing Platform helps Fannie Mae explore new workout solutions for borrowersMortgagePress.comFiserv Inc., workouts, Fannie Mae, loan modifications, Norwood Sloan, Jerry McCoy
Fiserv Inc., a provider of financial services technology
solutions, is working with Fannie Mae as a technology partner to
assist the agency in gaining more real-time information about its
mortgage portfolio. Fannie Mae has engaged Fiserv to provide
ongoing secure data updates directly to Fannie Mae for the mortgage
loans being serviced on their behalf.
Fiserv was the first servicing technology provider to respond to
Fannie Mae's request for the additional data, which allows the
agency to review borrower credit capacity in order to make more
informed decisions about loan workouts.
The real-time data transmissions will help Fannie Mae improve
analytics and explore new workout solutions with a specific
emphasis on early-stage borrower delinquency. The data fields
requested by Fannie Mae will include information regarding borrower
contact activities and payment behavior. The Fiserv Loan Servicing
Platform supports all retail loan types including mortgage, home
equity, consumer and indirect financing so that a complete snapshot
of borrower data is easily retrievable, regardless of loan
type.
"Fiserv has been a long-standing partner with Fannie Mae, and
that experience allows us to support them even more effectively
during this period of challenging market conditions," said Norwood
Sloan, assistant vice president, loan servicing solutions from
Fiserv. "Since so many of our clients service Fannie Mae loans, we
responded immediately when Fannie Mae approached us to work out the
details. We were happy to comply even though doing so wasn't
mandatory. Since these data transmissions will be part of the
effort to help Fannie Mae keep borrowers in their homes, we
absolutely wanted to apply our data and analytics capabilities in a
meaningful way."
"Fannie Mae is taking steps to gain more real-time information
about our mortgage portfolio, said Jerry McCoy, vice president of
business development, national servicing organization, Fannie Mae.
"As such, we've engaged Fiserv to work with our servicers that
utilize Fiserv's mortgage servicing platform to provide ongoing
data updates directly to Fannie Mae for the mortgage loans being
serviced on our behalf. This represents an expedient and
non-intrusive way to get the data in a timely fashion."
Fiserv has gained authorization for the data transmissions from
nearly all of its clients who service loans for Fannie Mae and has
already begun sending the authorized data directly to the
agency.
For more information, visit www.fiserv.com or www.fanniemae.com.
