LoanComplete from Fiserv adds document-to-document comparisons to reduce investor and regulatory risks, improve loan quality
BROOKFIELD, WI (October 20, 2014) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that the Comparalytics module within the LoanComplete(TM) suite of product solutions, which already completes the standard document-to-system data comparison, now compares documents to any and all other documents associated with the loan file, regardless of the type of document.
The Comparalytics module works with existing data sources to proactively identify and flag data mismatches between other 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 any and all other documents in the loan file.
“Managing investor and regulatory risk is paramount to lenders’ and servicers’ success in today’s mortgage lending and servicing environments,” said Ken Knudsen, head of consumer lending strategy, Financial & Risk Management Solutions, Fiserv. “It is of the utmost importance to Fiserv to provide technology solutions that enable the highest levels of accuracy and efficiency to help maintain loan quality throughout all stages of the loan manufacturing, selling, and servicing processes. With the updated Comparalytics module within LoanComplete, our clients can rest assured that the highest level of due diligence has been completed regarding data comparison.”
Using LoanComplete, primary documents can be designated to serve as the main data source for comparison to other documents (secondary documents) in the same loan file. For example, information contained in the final documents can be used as the source data to verify that the information contained in the initial disclosures and application information is consistent, accurate and that the document sets are complete. The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors prior to the sale of a loan or servicing rights to an investor, significantly mitigating downstream investor repurchase risks, mortgage servicing rights (MSR) transfer delays, and regulatory compliance challenges.
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 a solution that combines standardized workflow processing with enterprise content management and customized data analytics.
This week Fiserv is at the MBA Annual Convention & Expo 2014 in Booth 819 to discuss this and other lending technology solutions from Fiserv.
– LoanComplete from Fiserv – http://www.fiserv.com/solutions/loancomplete.htm
– LoanComplete Video – https://www.fiserv.com/resources/loancomplete-video.aspx
This year, Fiserv Inc. (NASDAQ: FISV) celebrates 30 years of leadership in financial services technology. As one of FORTUNE(R) magazine’s World’s Most Admired Companies, Fiserv is helping clients worldwide achieve best-in-class results by driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.