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.

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