Mortgage

Fiserv, Corelogic partner to accelerate loan modification process

CoreLogic loan modification tool will be integrated into Fiserv servicing platform

Fiserv, a provider of financial services technology solutions, announced today that it reached an agreement with CoreLogic, a property information, analytics and data-enabled services provider, to integrate Corelogic’s IntelliMods loan modification tool into LoanServ, Fiserv’s loan servicing platform.

In a release, the companies say the integration will allow servicers to offer loan modifications to struggling borrowers much faster.

“Facing default is a truly distressing situation for a borrower,” said Joe Dombrowski, director of product management, Lending Solutions, Fiserv. “The integration of LoanServ from Fiserv with CoreLogic IntelliMods enables a servicer to quickly – in real time – and accurately evaluate borrower information and present the appropriate loan modification package, thereby reducing default risk and greatly improving borrower interaction.”

According to the companies, the integration produces loan modifications that comply with Fannie Mae and Freddie Mac requirements

“With the integration of the IntelliMods decisioning tool from CoreLogic into LoanServ, Fiserv clients can now upload, qualify, process, route to borrowers and track loan modifications at an accelerated rate, trimming days off of the process,” the companies said.

“As a result of this integration with Fiserv, the CoreLogic IntelliMods platform enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers” said Sapan Bafna, vice president, advanced delivery engines, CoreLogic. “IntelliMods helps reduce the workload and risk associated with the evaluation of workout options, and provides further add-on solutions for data append, property ownership reports, title reports, compliant document generation, e-delivery, e-sign and recording services.”