Marriott Uses Fiserv for Managing Timeshare Loan Portfolio
Marriott Vacation Club International is now using the MortgageServ loan servicing platform to manage its vacation ownership loans, the company said.
Headquaratered in Orlando, Fla., Marriott Vacation Club International has servicing operations in Lakeland, Fla., Salt Lake City and Cork, Ireland. Currently, nearly 280,000 families own Marriott vacation properties.
The international nature of Marriott's timeshare business means that owners often live in countries different from those where their vacation properties are located. To facilitate payment collection from countries outside the United States, MortgageServ developed a program to make collection efforts more efficient as well as customer-friendly. Although all its loans run side-by-side on the servicing platform, Marriott can assign its loans to servicing entities within the system that support transactions in either dollars, pounds or euros.
"The architecture of the MortgageServ system enabled Fiserv Lending Solutions to add functionality to support Marriott Vacation Club Inter-national's unique business," said John Tenuta, president of Fiserv Lending Solutions, in a company news release. "A 24x7 system access supports the international component of Marriott's business, providing uninterrupted customer service support for off-shore customers and integrating the Ireland servicing center in the operational workflow. MortgageServ's support of multiple currencies within the portfolio also streamlines payment processing, cashiering and reporting."
Mr. Tenuta said the system's architecture gives niche services like Marriott the flexibility to create servicing parameters that match their business needs.
Ed Kinney, vice president of corporate affairs for Marriott Vacation Club International, said the complexity of the company's product is unique.
"Each villa at our resorts represents 51 individual interests. This means that an example resort with 650 villas could have the potential of 33,150 mortgages. This number, multiplied by the number of resorts worldwide, would be staggering from a service standpoint."
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