Fiserv Inc. has announced that the Massachusetts Housing Finance Agency (MassHousing) has selected its LoanServ platform to perform all aspects of residential mortgage servicing, including new loan boarding, business-to-consumer and business-to-business Web-based applications, and the disposition of real estate-owned properties. MassHousing is an independent public authority that provides financing for the construction and preservation of affordable rental housing, and for affordable first and second mortgages for homebuyers and homeowners in Massachusetts.
“Switching to LoanServ is going to help us deliver on our mission to increase affordable housing options for Massachusetts residents by improving the speed and efficiency of closing, managing and servicing our loans, while minimizing the risk,” said Kevin Mello, director of HomeOwnership Servicing & Operations, MassHousing.
LoanServ from Fiserv is an online real-time loan management system that supports every aspect of a customer relationship and provides valuable insights and consolidated views of customer needs and credit-worthiness to help grow customer relationships. In addition, simplified reporting and regulatory compliance efforts make it easy to satisfy governance policies, while also providing risk analysis and added protection against defaults. The software helps increase staff productivity with process automation and enables servicers to more effectively manage operations because all critical information about each loan is in a central database.
“MassHousing’s selection of LoanServ demonstrates the diverse capabilities of the lending solutions Fiserv has to offer, including the flexibility required by government agencies in their role as stewards of public funds,” said Kevin Collins, president, Lending Solutions, Fiserv. “Quick access to loan information means greater transparency and more streamlined reporting, something that is critical to the GSEs and private investors.”
LoanServ from Fiserv is an integrated solution that consolidates support for all retail loan products on a single platform, including mortgages, home equity loans and lines of credit, personal loans and lines of credit, closed-end and revolving installment loans and indirect financing. It integrates all loan servicing processes and automates payment processing, collections, default management, cashiering, escrow, and investor accounting, and the rule-based workflow tools of LoanServ let users define processes according to their own business needs.
“Fiserv is proud to assist MassHousing with their loan servicing modernization and to be a part of providing the people of Massachusetts affordable lending,” said Ray Kalyustan, senior vice president, Government Solutions, Fiserv. “Our goal is to ensure that all who interact with the LoanServ solution will have a consistent, easy-to-access and satisfying experience.”