27 Oct Fiserv plans single entry point for loan processing online
Brookfield, Wis. — The information management firm Fiserv announced on Tuesday its plans to create a single point of contact for the delivery of services to Fiserv partners. Currently in development, the Electronic Partner Connection is expected for the first quarter of 2005.
“By creating a single point of entry for the order and delivery of any Fiserv mortgage-related product and service, we’ve essentially put everything a lender would need to originate, process, close and service a loan at their fingertips,” James Puzniak, president of the Fiserv Lending Solutions Group, said in a statement.
Using the EPC, Fiserv lenders will be able to order as many services as they need to make deals and sort through vendors based on level of quality and amount of time to supply a product. Users can generate reports from vendors on a regular basis, giving them freedom to shift the majority of resources used to track vendors on an individual basis. Additionally, since all the services are bundled in one place, no vendor fees are present, the company said.
The network will be operated by GatorSystem, provided by Fiserv subsidiary GAC. The program has been rewritten for EPC to work on an Internet level, meaning lenders connected can choose the specific item and have access to multiple partners who can process the product request. This eliminates the need for direct interface to each partner, since the transactions can be handled online.
The EPC also has the loan origination software of EasyLender and UniFi Pro, delivering interfaces to the Fiserv system without the need to switch over to a new system for tracking delivery status or delivering services. The loan-servicing product MortgageServ also provides interface with the system, letting lenders order default services directly.
“This delivers on the promise of bundled services that has been a key issue in the mortgage lending industry over the past few years,” Puzniak said.