Fiserv and dollar bank expand partnership to streamline lending
operations, support the customer experience
Brookfield, wis.--(business wire)--fiserv, 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. additional resources: dollar bank - http://www.dollarbank.com/index.aspx loanserv - http://www.loanservicing.fiserv.com/fiserv-loan-servicing-platform.aspx 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. about fiserv 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. fisv-g
