Lionel Urban , Vice President, Product Manager for Mortgage Lending Services at Fiserv

Fiserv, the provider of financial services solutions, has announced a new mortgage technology approach ” Mortgage Momentum” which will 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. This helps lenders to improve loan quality, mitigate risk, and speed approval and closing processes while reducing the cost of origination. It boasts of workflow automation tools that streamlines and simplifies loan origination and enables lenders to leverage a wide range of prepackaged solutions.

“In an industry increasingly focused on speed and experiences, mortgage lenders are challenged to deliver a more efficient lending process and 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.”

Mortgage Momentum streamlines the five phases of a successful lending program, which include:

  • Attract: Positioning lenders to attract borrowers through a 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
  • ServiceCovering 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

The Mortgage Momentum approach will be enabled through Fiserv’s digital solutions, i.e. Mortgage Director loan origination system (LOS) and the new Originate Mortgages point-of-sale (POS) mobile application.

Established in 1984 and headquartered in the US, Fiserv, Inc. is a provider of financial services technology. The company’s clients include banks, thrifts, credit unions, securities broker-dealers, leasing and finance companies, and retailers.

by Megha Bhattacharya
Market Analyst at IBS Intelligence