Fiserv servicing platform renamed LoanServ
Fiserv's (FISV) loan servicing platform is now called LoanServ, a change that marks the consolidation of all of the company's loss mitigation services. The single-platform service integrates mortgage loans, consumer loans, indirect financing, home equity loans, lines-of-credit and distressed-loan functionality into one system. Fiserv began developing their servicing platform earlier this decade under the name MortgageServ. The firm said what it is offering is not a new product, but more of a gradual, holistic view of mortgage servicing. Revamping the name was just the final step. "Our vision is really to help our clients service a wide variety of loans," said Amanda McCracken, a spokeswoman for Fiserv. She said it is important to Fiserv to diversify its approach to servicing to fill client demand and provide more flexibility for lenders. Fiserv provides of information management and electronic commerce systems for the financial services industry. LoanServ is one in a series of recent platform developments such as the firm's Revenue Expansion Program (designed to help banks and credit unions impacted by Regulation E) and Mobile Source Capture (a remote check capture for a mobile phone), which were both released in August. Write to Christine Ricciardi.