Its genesis is Fiserv's MortgageServ, but LoanServ — formerly called the Loan Servicing Platform from Fiserv — became its own product as the company added capabilities to handle other types of loans.
"The name change is a significant statement about our vision," said Thomas Gorman, president, loan servicing solutions, at the Brookfield, Wis.-based company. "One of our greatest challenges is ensuring that product innovation is not only a 'good idea' but is also a fundamental contribution to business process improvement."
According to the company, LoanServ's advantage is that is handles mortgage loans, consumer loans, indirect financing, home equity loans, and distressed-loan functionality so that all of a borrower's retail loan relationships can be supported on one platform.
Having a consolidated view of all of a borrower's loan relationships with an institution is crucial for mitigating risk because it considers the customer's complete credit capacity, Fiserv said.
