LoanServ is a single-platform, real-time solution that combines mortgage loans, consumer loans, indirect financing, home equity loans and lines-of-credit and distressed-loan functionality into one core system.
Dollar Bank has been using LoanServ from Fiserv to service its mortgage loans since 2007.
By consolidating all of its consumer loans onto one servicing platform, Dollar Bank can realize additional cost savings and better serve its customers, Fiserv claims.
In addition to consolidating all of its retail loans to one platform, Dollar Bank has also begun using the LoanServ functionality that gives many of the bank’s new and existing HELOC customers credit card access to their line of credit.
Dollar Bank executive vice president Al Williams said the transparency created by moving the bank’s installment loans and home equity line of credit loans (HELOCs) to the system that was already supporting the bank’s mortgage loans makes using the LoanServ platform quick and easy for the bank’s staff.
"The multi-product functionality and flexibility of the platform will enable us to provide our customers with the additional services they want, such as rate locks and credit card access on home equity lines of credit. Parameters that are critical to proper application of payments are stored in the HELOC product plans, simplifying our servicing processes. This is truly a win-win situation for the bank and our customers," Williams said.
