Colonial Savings Selects Fiserv Technology for Mortgage Servicing Needs

Mortgage lender Colonial Savings will convert its existing loan servicing portfolio to Fiserv’s LoanServ solution in order to improve customer relation services.

Using LoanServ, the Fort Worth, Texas-based lender will achieve a range of business goals, including greater effectiveness, minimized risk, reduced expenses and higher customer satisfaction. All of these factors will help contribute to increased revenue and profitability growth, Colonial Savings says in a press release.

LoanServ from Fiserv is an integrated solution that consolidates support for all retail loan products on a single platform, including mortgages, home equity loans and lines of credit. It assimilates all loan servicing processes and automates payment processing, collections, default management, cashiering, escrow and investor accounting.

By utilizing this solution, Colonial Savings can now implement automated loan boarding for processing single or bulk transactions, and will handle all point-in-time and real-time reporting with flexible fee structures and payment options based on how borrowers manage their mortgage payments.

“LoanServ will help ensure that every Colonial Savings customer is rewarded with a customer experience that is consistent, easy to access and creates a high level of satisfaction,” says Tim Neer, loan servicing director at Colonial Savings, which has a portfolio exceeding $22 billion.

As part of this conversion, Colonial Savings will utilize the deployment of the Brookfield, Wis.-based financial services technology provider’s LoanLink feature, a self-service web portal that enables borrowers to access and update their loan information in real time.

“Colonial Savings is widely recognized for its dedication to putting customers first. At Fiserv, we share the same philosophy, and are confident that the deployment of LoanServ will help Colonial Savings further improve the customer experience and help them expand in the mortgage servicing arena,” says Kevin Collins, president of lending solutions at Fiserv.

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