Fiserv Enhances LoanComplete Solution to Reduce Mortgage Servicing Transfer and Regulatory Risks While Improving Quality
Fiserv, Inc. (NASDAQ:FISV) , a leading global provider of financial services technology solutions, today announced the availability of its newly enhanced LoanCompleteTM ComparalyticsTM solution, which now fully enables document-to-document data comparisons, regardless of document type.
The LoanComplete Comparalytics module works with existing data sources to proactively identify and flag data mismatches between transferee and transferor servicing systems, documents, data sources and the original documents, allowing real-time insight for corrections. With the recent update, the benefits of ensuring consistency of data by comparing loan document content against the loan origination system (LOS), automated underwriting system (AUS), servicing system and other systems of record, is now extended to comparing document content directly to other documents in the loan file.
“Managing transfer and regulatory risks is top-of-mind to today’s mortgage loan servicers,” said Gregg Lehman, senior product manager, Financial & Risk Management Solutions, Fiserv. “We are committed to providing solutions to enable the utmost accuracy and efficiency and help maintain loan quality throughout all stages of loan servicing. The updated Comparalytics module within LoanComplete helps servicers ensure that the highest level of due diligence has been completed regarding data comparison.”
With LoanComplete, primary documents can be designated to serve as the main data source for comparison to other secondary documents in the same loan file. For example, information contained in the application can act as the primary source data and be used to compare the information contained in the AUS to verify for accuracy. The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors when the servicing file is created, significantly mitigating downstream compliance risks such as meeting CFPB servicing file and borrower communication requirements or investor loan modification and default servicing requirements.
Comparalytics is one of the four modules of the LoanComplete automation suite. LoanComplete from Fiserv is a patent-pending, life-of-loan solution suite that supports compliance and automates time-consuming processes through enhancements to existing loan origination, loan servicing and regulatory compliance systems. LoanComplete simplifies loan origination and servicing in today’s increasingly complex lending environment and delivers combines standardized workflow processing with enterprise content management and customized data analytics.
- LoanComplete from Fiserv – http://www.fiserv.com/solutions/loancomplete.htm
- LoanComplete Video – https://www.fiserv.com/resources/loancomplete-video.aspx
Fiserv, Inc. (NASDAQ:FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a leader in financial services technology, and today is among FORTUNE(R) magazine’s World’s Most Admired Companies and Forbes magazine’s America’s Best Employers. For more information, visit www.fiserv.com.
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