Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that it has established the interface required for clients to participate in the Electronic Case Binder Program of the U.S. Department of Housing and Urban Development’s (HUD) FHA Lender Insurance Program. LoanComplete™: Delivery Manager enables the efficient review, loan completion and electronic delivery of loan documents and packages, resulting in Fiserv being listed as an electronic case binder vendor on the FHA Lender Insurance Program website.
HUD encourages lenders to submit electronic case binders in lieu of paper ones. This not only benefits HUD, as they can audit and provide feedback in a timelier manner, but it also creates greater compliance for institutions and reduces the operational costs of delivery. Using the LoanComplete: Delivery Manager from Fiserv, institutions will no longer have to wait to receive notifications from HUD; the solution automatically monitors the HUD web portal looking for new or rejected loans that have been flagged for case binder submission. These loans are automatically routed to a “work queue” for the operational user to select, review and audit the loan documents prior to delivery. The solution then stacks the loan documents in HUD’s specific stacking order and distributes to HUD in minutes. This automation reduces the time to build and deliver a loan package from days to minutes.
“Further expanding our loan document and data quality solution to include electronic delivery was a critical component to enhancing our loan completion strategy,” said Jay Coomes, vice president of product management, Enterprise Content Management, Fiserv. “It demonstrates our ability at Fiserv to offer a true end-to-end paperless environment from point of origination all the way through electronic delivery to investors and other third parties.”
LoanComplete™ automates the oversight and audit of loans as they move through the life-of-loan process; ensures loans are complete, accurate, current and saleable; and reduces compliance risks by incorporating a single, overarching loan auditing system that leverages standardized, automated loan quality control processes for loan origination, servicing, compliance, sales and delivery.