Cenlar Will Use Fiserv For HELOC Servicing
Fiserv here said that Cenlar FSB, the nation's third largest subservicer of mortgage loans, will use the MortgageServ loan-servicing platform to support management of home-equity lines of credit.
Recently, Cenlar announced that it was adding line-of-credit subservicing to its offerings driven by increased demand for open-end products and anticipated growth in this area during a rising interest rate environment.
As a private-label subservicer, Cenlar performs back-office loan servicing operations on behalf of its clients in the client's own name, so that consumers are often unaware of the third-party involvement.
Fiserv said the private-label subservicing functionality built into MortgageServ enables Cenlar to maintain all of the HELOCs it services on a single copy of the system, while maintaining security, processing rules and branding for its client companies.
Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com