MortgageServ Adds Home Equity and Subprime Features
At Fiserv's annual MortgageServ Client Conference in Myrtle Beach, S.C., the company's division president, John R. Tenuta, told Mortgage Servicing News about the product's largest release coming up May 14, which will include over 170 new enhancements and 700,000 lines of code.
"Many of the projects included in this release center on enhancements on home equity accounts and subprime," said Mr. Tenuta. "Everything that went into this release was the result of client feedback."
The release is the largest in the company's history and represents a change in the way future releases will be brought to market. "We combined two releases to give the customers a chance to focus on servicing their clients and pick maybe only two or three times a year to give them a chance to focus in on accepting the new release," Mr. Tenuta pointed out.
"Also, we changed the testing cycle this time around and brought the customers in to test the enhancements so we could get feedback and adjust anything that needed adjusting."
In the future, Fiserv plans to move toward a quarterly release instead of monthly or bimonthly schedule. For the average customer this means less time spent each month getting up on a new upgrade as it takes an average customer 60 to 90 days to install and implement.
"This new release includes several tactical products that will detail the strategic direction of MortgageServ," said Mr. Tenuta. "The need for operational efficiency is paramount, which we've focused on with our browser-based system. We've made the first inroads and the next level is to go further and build more scripts, more graphically oriented tools for the end user to give the product a customized feel in a solution that's easy to use.
"For example, servicing is no longer a nine-to-five area," he continued. "Companies may have outsourced a call center overseas and we have to make MortgageServ work seamlessly with several locations throughout the world in most cases. It's truly a 24/7 product."
Another key focus of the release is to create integrations to Fiserv partners that will make the system an end-to-end solution. "It isn't good enough to just adapt our system to our third-party partners," said Mr. Tenuta. "It has to look seamless to the end user where they can stay in one place, not have to rekey data and get the work done. So we're focusing a lot on strategic partners and how we can embed their functionality into our system."
Looking out five to 10 years, Mr. Tenuta has big plans for Fiserv and MortgageServ. "As we go forward, more and more lenders are going to be looking at the ASP model to offset costs," he noted. "With our default system, subprime lending support, browser capabilities, XML capabilities, 24/7 functionality, we're positioned well for this trend. Also, we look at our services as moving toward a single platform where we can be an end-to-end solution for the mortgage industry.
"I'm in charge of the origination product and the servicing product at Fiserv so I have both ends of the scale, but in between we at Fiserv hold companies, too, that provide services like title, flood, AVM, BPO and others that are integrated to our servicing and origination products because we want to sell a truly end-to-end solution," he continued.
"However, we realize that not all of our customers use us for those middle services so we partner with third-party companies as well as trying to be those third-party companies. Ideally we want to provide all the services within Fiserv and offer them to the client for one price, but we realize that the customer isn't always go to go that way, but at least we can offer it."
Companies are definitely interested in the Fiserv message as the conference brought in record numbers for the MortgageServ product. Starting in 2005 as part of the company's approach to integrate its services to provide that end-to-end solution, Fiserv's origination and servicing conferences will be combined into one event in which over 1,000 attendees are expected.
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