BROOKFIELD, Wis. – Fiserv has announced what it is calling a “new approach” to mortgage technology designed to allow lenders to manage the complex mortgage ecosystem from end-to-end.
“Mortgage Momentum is a digital-focused approach that covers each stage of the mortgage lifecycle from application through closing,” the company said. “With Mortgage Momentum, Lenders are able to improve loan quality, mitigate risk, and speed approval and closing processes while reducing the cost of origination, ultimately supporting a better experience for today’s demanding borrowers.”
Combined with workflow automation tools, the company said Mortgage Momentum from Fiserv streamlines and simplifies loan origination and enables lenders to leverage a wide range of prepackaged solutions to enhance the lending experience.
“As these capabilities evolve, they will support greater customization and simplification of the mortgage loan process through existing digital channels,” Fiserv said.
According to Fiserv, the updated Mortgage Director loan origination system (LOS) and the new Originate Mortgages point-of-sale (POS) mobile enhanced application are among the digital solutions from Fiserv that enable the Mortgage Momentum approach.
“In an industry increasingly focused on speed and experiences, mortgage lenders are challenged to deliver a more efficient lending process and a compelling, differentiated borrower experience,” said Lionel Urban, vice president, Product Management, Fiserv. “Automation of lending processes improves efficiencies for lenders and speeds time to approval and close, so customers can quickly receive the keys to their new home, refinance, or obtain a home equity loan or line of credit.”
Fiserv said recent research underscores the importance of digital interactions as part of the overall lending experience.
According to the 2018 Expectations & Experiences: Borrowing and Wealth Management consumer survey from Fiserv, among consumers who applied for loans in the past two years, 56% completed at least part of the loan process via online or mobile channels. Nearly four in 10 (38%) applied for at least one loan completely online or via mobile. The Fiserv research found, not surprisingly, digital interaction is more prevalent among millennials: 45% have applied for a loan in the past two years, with 69% completing at least part of the loan process via online or mobile channel, and 48% completed the process entirely online.
According to Fiserv, Mortgage Momentum streamlines the five phases of a successful lending program, which include:
- Attract: Positioning lenders to attract borrowers through an intelligent, streamlined and intuitive mortgage process, enabling them to compete with large online mortgage providers
- Approve: Leveraging digital expertise to verify loan information and eliminate manual, inefficient workflow. Digital underwriting systems are complemented with internal workflow to mitigate lender risk
- Deliver: Providing an efficient, compliant and cost-effective way to deliver complete loan packages electronically for loan boarding and investor sales
- Optimize: Covering the secondary market through which financial institutions are able to optimize their portfolios for increased returns. Leveraging machine learning and artificial intelligence to surface work necessary to support sound balance sheet practices
Service: Covering the servicing and ultimate payoff of mortgages that the lender chooses to hold in its portfolio. Nurturing the relationship of the initial transaction to support long-term, complex financial services needs