Bogota Savings Bank Uses Tech To Enhance The Customer Experience And Gain Efficiency

We here at PROGRESS in Lending champion technology advancement. We like to report on success stories. As such, Bogota Savings Bank, a $650-million New Jersey-based bank, will move to Fiserv to streamline operations and better serve customers. In reaching its decision, Bogota Savings was especially drawn to the integration between Fiserv core account processing technology and key capabilities such as digital banking and payments, which will facilitate a streamlined user experience for both customers and employees.

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“By integrating online banking, online account opening and other solutions with the core platform, Fiserv enables us to gain faster and better access to the information we need to deliver a superior customer experience and eliminate two-thirds of our existing third-party services,” says Kevin Pace, executive vice president, Bogota Savings Bank. “Having information available in one place and updated in real time helps our back office, marketing and frontline staff be more efficient as well.”

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Bogota Savings Bank is looking forward to replacing inefficient manual processes and time-consuming batch operations with the customizable, real-time processing available in the DNA account processing platform from Fiserv. These new capabilities will enable the bank to stay in step with consumers who are looking to manage their finances as quickly and easily as possible.

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“DNA offers a tremendous amount of flexibility and control over how we want to operate by providing access to all of its data fields,” Pace added. “No matter what we need to do, it seems there’s a way to do it – usually in minutes or hours rather than days or weeks.”

In addition to core account processing, Bogota Savings Bank will leverage a range of solutions from Fiserv for digital banking, debit processing, payments, source capture, item processing, online account opening, and more.

DNA is an open, real-time account processing platform built for collaboration. A modern platform developed using contemporary, standards-based components, DNA provides a 360-degree view of customer relationships and facilitates streamlined processes within the financial institution.

“Understanding where technology and consumer expectations intersect is essential to delivering innovative, intelligent capabilities that meet real needs,” said Todd Horvath, president, Bank Solutions, Fiserv. “By upgrading to contemporary technology Bogota Savings Bank is positioning themselves to deliver on their customers’ high expectations.”

Addressing Online Loan App Challenges

As the industry changes, Fiserv, Inc. is helping banks and credit unions deliver enhanced digital account opening and loan origination with Originate, a new suite of solutions built to provide the functionality and ease of use that on-the-move consumers are demanding.

The first solution in the suite, Originate Deposits from Fiserv, features a simple, step-by-step user interface with optional ID scanning, autofill, and facial recognition to allow consumers to easily and securely open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.

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Fiserv conducted extensive consumer research and user experience testing as a part of the product development process to identify pain points and shortcomings in current digital account opening and loan origination experiences. Originate Deposits alleviates multiple layers of friction to create an intuitive, step-by-step user experience that is fast, easy to use and uniform across channels – and results in higher user satisfaction and reduced abandonment. Numerous institutions are already selecting the solution for online account opening.

“When we saw Originate Deposits at the annual Forum client conference, we knew it could address a challenge we wanted to solve for our members,” said Paul Simons, CEO of Rantoul, Illinois-based Credit Union 1. “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer, and we are confident the solution will positively impact how our members start or expand their relationships with us.”

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Importantly, Originate Deposits supports multichannel strategies for financial institutions by maintaining the same experience and interface across channels, allowing users to complete an application wherever they are, in one or in multiple sessions, on a mobile device, tablet, computer – or in a branch.

“We’ve been looking at options for a better digital account opening experience, regardless of where or how our customers choose to complete the process,” said Sherri Wilson, senior vice president, technology of Towson, Maryland-based Hamilton Bank. “We’ve been able to work closely with Fiserv as we prepare to roll out Originate Deposits. It will allow us to deliver a better experience to our customers, who are increasingly mobile and have a high standard for their interactions with us.”

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Originate Deposits is launching now with account opening functionality, including credit cards and personal loans, and is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform. Additional Originate solutions will add even more loan origination capabilities at the end of 2018 including retail, auto and mortgage.

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Fiserv To Acquire The Assets of PCLender

Fiserv has acquired the assets of PCLender, LLC, a leader in next generation enterprise internet-based mortgage software and mortgage lending technology solutions. This acquisition will enhance the Fiserv suite of mortgage origination services, which enable Fiserv clients to deliver the experience today’s consumers and mortgage lenders expect. Financial terms will not be disclosed.

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Mortgage lenders operate in an evolving marketplace in which they are challenged to deliver a more efficient lending process in tandem with a compelling borrower experience. Fiserv is working to simplify today’s lending experience for financial institutions and borrowers, delivering powerful tools to originate, process, underwrite and deliver loans in a secure, paperless environment.

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“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

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A complement to the existing Fiserv lending solution suite, these assets provide a set of simple, easy-to-use internet-based mortgage solutions for banks, credit unions and mortgage lenders. This fully managed, end-to-end solution simplifies origination, document collection and compliance reporting, streamlining consumer direct and retail mortgage and HELOC loan origination. The technology offers a feature-rich user experience and improved operational efficiency for mortgage lenders with existing resources. Supporting lenders of all sizes, PCLender provides solutions for lenders funding up to 5,000 loans per month.

“Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients,” said Lionel Urban, Chief Executive Officer, PCLender. “We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their customers.”

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Integrations Should Help Real People

We hear a lot about new technology integrations. They always talk about new functionality. That’s great, but these integrations should also be geared at helping actual borrowers. For example, Fiserv signed an agreement with CoreLogic to integrate its IntelliMod loan modification decisioning tool with LoanServ, a comprehensive servicing platform.

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“Facing default is a truly distressing situation for a borrower,” said Joe Dombrowski, director of product management, Lending Solutions, Fiserv. “The integration of LoanServ from Fiserv with CoreLogic IntelliMods enables a servicer to quickly – in real time – and accurately evaluate borrower information and present the appropriate loan modification package, thereby reducing default risk and greatly improving borrower interaction.”

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Loss mitigation demands rigorous adherence to federal requirements, and the integration means faster processing of information necessary for a rules-based analysis of workout options, including compliance with Fannie Mae and Freddie Mac requirements. Once the user selects the modification profile (term extension, rate or principal reduction), IntelliMods delivers a decision in a matter of seconds. With the integration of the IntelliMods decisioning tool from CoreLogic into LoanServ, Fiserv clients can now upload, qualify, process, route to borrowers and track loan modifications at an accelerated rate, trimming days off of the process. Follow-up of terms can be automated as well.

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“As a result of this integration with Fiserv, the CoreLogic IntelliMods platform enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers” said Sapan Bafna, vice president, advanced delivery engines, CoreLogic. “IntelliMods helps reduce the workload and risk associated with the evaluation of workout options, and provides further add-on solutions for data append, property ownership reports, title reports, compliant document generation, e-delivery, e-sign and recording services.”

Once approved, IntelliMods instantly generates the appropriate modification package, which can be sent to the servicer’s production house for printing, assembly and shipping or to FedEx for printing and overnight delivery to the borrower. The FedEx option includes a pre-paid return envelope and incorporates the outbound and inbound tracking numbers into IntelliMods, allowing servicers to track the package process through recordation.

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New LOS Aims To Increase Efficiency

Fiserv has launched LoanLaunch,  formerly known as Common Origination Platform. LoanLaunch from Fiserv provides the framework for enterprise loan originations on a single platform. The solution supports consumer, business, mortgage and equity loans, giving lenders a holistic view of borrowers across all channels and products. This exclusive capability enables  greater transparency across departments, customers and business processes and allows lenders to originate and close more loans with fewer resources.

“LoanLaunch reflects our deep commitment to technology to address the credit needs of today’s borrowers, as well as our vision of delivering the next-generation lending experience,” said Kevin Collins, president, Lending Solutions, Fiserv. “LoanLaunch is a powerful solution that offers financial institutions greater control over their lending decisions, more flexibility to address product, policy and regulatory changes, and support that meets changing consumer expectations of customer service.”

As the new name suggests, the solution allows lenders to respond to continually changing business needs and easily “launch” new opportunities within the organization to address increasingly diverse borrower segmentation. With LoanLaunch, the power is in the hands of the lender through its optimized control over virtually all retail and business origination operations.

“As the complexities of lending evolve, LoanLaunch will give financial institutions the breadth and depth they need to respond to the needs of their customers, backed by Fiserv associates who are passionate about providing value to our clients’ businesses,” said Collins. “Fiserv continues to invest in a development strategy that focuses on supporting every step in the lending process. LoanLaunch is a key component in our plans to expand interactive customer relationships via broader, more digital product delivery and communications channels.”

Whatever the size or make-up of a financial institution’s loan portfolios, Fiserv provides solutions that allow lenders to react more quickly to changing markets and consumer expectations. Fiserv is the only company that offers a suite of products that support the full spectrum of lending: mortgage, home equity, consumer, business, direct auto, and indirect auto.

What Does The New CFPB Servicing Bulletin Really Mean?

The Consumer Finance Protection Bureau just released its Fall Supervisory Bulletin. It is the first bulletin released since the new Mortgage Servicing rules went into effect on January, 10. The CFPB in speeches, updated communications and in its Flagstar enforcement action has been consistent with the themes of – “Consumer Protection FIRST,” especially in sensitive processes like Loan Transfers and Loan Modifications. Here’s what you need to know:

According to a source at Fiserv, what is required to comply is “documenting the documentation and documents” to show evidence of compliance to the all of the servicing rules. This Bulletin is especially meaningful for its consistency with prior themes and its clear statements that bring clarity on what Examiners find acceptable practices in some of the grayer rules areas. And what the Examiners point out as flagrantly non-compliant findings. Here are some standout items that a source at Fiserv says are of particular note:

Supervisory observations – Good News!

Anyone in the Mortgage Servicing Industry knows that non-bank servicers have been under a heightened level of scrutiny. The Supervisory observations actually have good news regarding what they have found as they have examined these Servicers and point out what they like to see- increased compliance resources (FTE’s & technology), organizations structured to respond to compliance needs, active board level review and related to compliance and self-remediation. These CFPB statements are good news for the industry and indicate that the Bureau is noticing that we ARE taking the CFPB rules, exams and requirements seriously and making them part of our servicing culture.

New Mortgage Servicing Rules – Good News and Bad News

First, The Good News– The initial focus in the bulletin on the “New mortgage servicing rules” section indicate that we, as an industry, have made a reasonable first impression on our work related to Policies and Procedures. The CFPB also indicates what they find acceptable, clearly documented policies and procedures and intelligent ways that loan level information can be accessed and provided accurately to the right people. The examiners must see that current Policies and Procedures clearly document, who can access, what they access, when they access and where the access loan level documentation and data resides AND report on all of it. None of this is new info to our Servicing world. With the Bulletin, it is helpful to see in writing what level of detail is expected and that level is very deep.

Now, The Bad News– the second part of this section indicates that policies and procedures related to third party service providers need additional attention in the industry. What is particularly noteworthy is that the CFPB clearly expects that you, as the Servicer, own this relationship and are expected to know even more about the overall process than the service actual provider. The Bulletin indicates the servicer must have detailed Policies and Procedures about oversight, the third party process(es) that was outsourced and that there is documented policy and conduct of audits to your standards. This bulletin item is a “two for one” notice that they expect detailed policies and procedures for ALL process not just in-house ones and that a “robust and regular” third party service provider audit program is not optional.

Loss mitigation – Watch out!

We all know that loss-mit must be done right, documented in extreme detail and likely to be the most sensitive area for review. The Flagstar enforcement action and the Bulletin continue this theme into 2015. This Bulletin section goes directly into critical findings where borrowers (Consumers) were harmed by lenders who practiced unclear and, ultimately, self-serving and deceptive practices. When this is the case these Servicers have earned their enforcement action and must deal with their consequences.

As a takeaway for honest, diligent servicers who do loss-mitigation, the way to avoid the appearance of any “evil” is by maintaining ALL documentation and records about completed applications, ALL client exchanges and ensuring that the time in processes are recorded and associated with the modification documentation involved. This extreme level of documentation, data aggregation and reporting is not an easy task for people or for the typical technology involved. But it is the evidence of compliance that will keep us out of trouble.

We Have Industry Answers – Good News!

It’s becoming clear as we parse this Bulletin, previous Bulletins and even review the original rules in the light of time that the CFPB expects that we, as an industry, accept their oversight role and invest time in skilled people and invest dollars in technology. This is the combination that hardens processes and reduces risks of non-compliance. This requires an industry standard and a technology platform to support it. Good News, a standard “evidence of compliance structure” for the loan record is well under way within MISMO and the technology to support this effort is already available and deployed in the market.

Even Better News, Both MISMO and the Fiserv LoanComplete team are aware that the structure and the technology must augment a servicers current platform and cannot be “rip & replace” of a servicing system or a imaging system. In servicing, our inustry’s end-state vision must be the ability to produce a single (or many) loan records that clearly demonstrate the documentation, dates, versions, checks, audits and reviews that prove your job was completed accurately and by the book.

As adoption of this technology and industry standards accelerates the CFPB will see more and more of what it expects to see in 2015.

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Exploring The Big Trends To Come

The ENGAGE Event brought to you by PROGRESS in Lending had record RSVPs this year. Despite the tough mortgage market, executives gathered to share their ideas about how to improve the mortgage industry. Here is some of what was said:

Tim-ENGAGE-2014When discussing the new regulatory environment, Michael L. Riddle, the co-founder and managing partner of the Middleberg Riddle Group, a preeminent mortgage banking law firm, noted, “There is a new level of consistency from a regulator that is organized and effective. We some times think the larger lenders have the most trouble dealing with change, but that’s not the case anymore. We as an industry just went through a cycle of huge change and we’re still living with that. Going forward, when we talk about complying with new rules, it’s not just about mechanical change, it’s about improving the whole process and how all the different parties interact.”

“Quite frankly,” added Tim Anderson, the head of DocMagic’s eServices Division. “Lenders are wondering when the next shoe is going to drop. Regulators are going after everyone. Everyone is liable. So, these new rules are forcing fundamental change. What should lenders do? I have one word: ‘e’. I just don’t know how you comply with all these new rules in a paper world.”

Lisa-S-ENGAGE-2014So, what’s next for mortgage lending? According to Lisa Binkley, Senior Vice President at Platinum Data Solutions, “2015 is going to be the year of integration. Vendors are going to have to work more closely together. We’re seeing those talks happen now. There’s lots of interest.”

However, when it comes to implementing new technology, lenders are still going to take things slow. “Lenders are risk averse,” said Lisa Springer, Managing Director, Chief Operating Officer at STRATMOR Group. “As a result, technology vendors have to be more transparent. To the vendors I say: Do what you do best. Don’t try to step outside of your area of expertise. Don’t dilute your focus.”

From the vendor’s perspective, lenders are certainly automating more out of necessity. Kelly Purcell, Executive Vice President, Global Sales and Marketing for eSignSystems, pointed out, “People understand that we’re not just selling technology, we’re selling compliance.”

Jennifer Miller, President of a la mode’s Mortgage Solutions Division, added, “With manual processes, things start to break down. The liability is with the lender so they have to automate.”

Lee-ENGAGE-2014All around, industry participants expect there to be a continued focus on compliance into next year. “Proof of compliance is going to be the big issue in 2015,” concluded Lee Gillispie, Managing Principal, Financial and Risk Management Solutions at Fiserv. “Lenders have to ask if they have the right data, documents, policies and procedures. Beyond that, everything has to be fully documented and executed. So, lenders shouldn’t just automate to be more electronic, it’s about being more efficient and proving that you did what you said you were going to do when it comes to putting together every loan.”


Technology To Enhance Customer Service

With an eye on customer service, Freedom Mortgage Corporation, a Mount Laurel, N.J.-based residential mortgage lender, has selected the Fiserv LoanServ platform to expand its in-house mortgage servicing capabilities and enhance the customer experience. Freedom Mortgage will convert its existing loan servicing portfolio to LoanServ to offer real-time servicing, and deploy the LoanLink self-service web portal to enable its borrower customers to access and update their loan information online.

LoanServ from Fiserv provides Freedom Mortgage with the scalability and functionality to achieve greater processing effectiveness, minimize risk, manage client expectations and grow its mortgage business. It will enable the company to service its mortgage loans in-house and acquire new portfolios at a more rapid pace.

“In Fiserv, we found a technology partner with the services and products that meets our needs,” said Carla Wise, executive vice president at Freedom Mortgage. “The LoanServ and LoanLink solutions will help us achieve our growth goals, while delivering exceptional service and a high level of customer satisfaction.”

LoanServ 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. Freedom Mortgage can implement automated loan boarding for processing single or bulk transactions, and use the integrated platform for loan servicing processes, payment collections and default management.

“Freedom Mortgage has a nationwide presence as a full-service lender that delivers outstanding customer service,” said Kevin Collins, president, Lending Solutions, Fiserv. “Our LoanServ and LoanLink solutions will provide Freedom Mortgage with the robust in-house servicing technology needed to support its goals of becoming a national leader in the mortgage arena.”

LoanLink is one of the newest LoanServ options, and allows clients to quickly roll out self-service websites that pull account information directly from the LoanServ system in real-time and enable consumers to access their accounts with 24/7 convenience.

LoanServ 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, personal loans and lines of credit, closed-end and revolving installment loans and indirect financing. It integrates all loan servicing processes and automates payment processing, collections, default management, cashiering, escrow, and investor accounting.

All-In-One Servicing Automation

The Massachusetts Housing Finance Agency has opted to use Fiserv’s LoanServ platform to perform all aspects of residential mortgage servicing including new loan boarding, business-to-consumer and business-to-business web-based applications, and the disposition of real estate-owned properties.

The Massachusetts Housing Finance Agency (MassHousing) is an independent public authority that provides financing for the construction and preservation of affordable rental housing, and for affordable first and second mortgages for homebuyers and homeowners in Massachusetts.

“Switching to LoanServ is going to help us deliver on our mission to increase affordable housing options for Massachusetts residents by improving the speed and efficiency of closing, managing and servicing our loans, while minimizing the risk,” said Kevin Mello, director of HomeOwnership Servicing & Operations, MassHousing.

LoanServ from Fiserv is an online real-time loan management system that supports every aspect of a customer relationship and provides valuable insights and consolidated views of customer needs and credit-worthiness to help grow customer relationships. In addition, simplified reporting and regulatory compliance efforts make it easy to satisfy governance policies, while also providing risk analysis and added protection against defaults. The software helps increase staff productivity with process automation and enables servicers to more effectively manage operations because all critical information about each loan is in a central database.

“MassHousing’s selection of LoanServ demonstrates the diverse capabilities of the lending solutions Fiserv has to offer, including the flexibility required by government agencies in their role as stewards of public funds,” said Kevin Collins, president, Lending Solutions, Fiserv. “Quick access to loan information means greater transparency and more streamlined reporting, something that is critical to the GSEs and private investors.”

“Fiserv is proud to assist MassHousing with their loan servicing modernization and to be a part of providing the people of Massachusetts affordable lending,” said Ray Kalyustan, senior vice president, Government Solutions, Fiserv. “Our goal is to ensure that all who interact with the LoanServ solution will have a consistent, easy-to-access and satisfying experience.”

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, personal loans and lines of credit, closed-end and revolving installment loans and indirect financing. It integrates all loan servicing processes and automates payment processing, collections, default management, cashiering, escrow, and investor accounting, and the rule-based workflow tools of LoanServ let users define processes according to their own business needs.

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The LOS Of The Future

You Can Download This Entire Article As A PDF HERE

As other loan origination systems struggle to be all things to all people, Fiserv thinks that it has truly achieved that goal with its Common Origination Platform (COP). The system provides an end-to-end LOS solution that goes well beyond being just a document preparation system. The software is highly configurable and is built with open architecture that delivers efficiencies across business channels. COP supports the origination of mortgage, consumer, home equity and business loans on a single platform. With this solution, lenders can establish their own business standards, including operating procedures, conditions and limits, automating virtually every transaction and promoting consist processes. Lenders also can set compliance requirements and perform regulatory updates en masse without duplicating tasks or keystrokes, which frees up valuable time and resources. How does this compare with other LOS systems? And what does COP have in store for the future to remain cutting edge?Mark Deese, Product Manager for Lending Solutions, Fiserv, answered these and other pressing questions.

Q: How has the LOS space changed over the past five years?

MARK DEESE: The LOS has changed in a lot of different ways. Competition is disappearing due to some vendors closing up shop and others getting acquired. Regulatory items are also taking over as the No. 1 priority. Road maps, regardless of who you are as a vendor, have drastically changed. You have a little less sizzle, in a sense, and more emphasis on regulatory support. I’ve seen is a lot of User Interface changes. The idea that custom or homegrown systems are better is becoming an idea of the past, as well. A lot has changed in the LOS space.

Q: What do you expect the LOS space to look like five years from now?

MARK DEESE: All of the vendors have streamlined. Everyone in the industry is kind of on the same page with what the LOS can do. The look and feel might be a little different, however. The differentiators between LOS players is going to be very different in five years. As I see it the ability to offer a top-quality customer experience is going to set the best LOS players apart. If you think about it there aren’t many different ways to process a loan, and with new regulation, that’s forcing more best practices to the forefront. So, the lender that can offer the customer a better experience and better educate the customer will be the successful lenders. The best technology players will support lenders in this movement.

Q: On a separate, but related note, there have been a lot of LOS mergers and acquisitions. Do you expect that to continue and how do you think it’s impacting the space?

MARK DEESE: My first thought would be to say that mergers and acquisitions will continue, but then I take a step back and think about the lenders themselves. In my view, there were a lot of mergers going on in 2008 and 2009, but that has started to slow down, especially when it comes to the bigger names. So, I would anticipate that mergers and acquisitions might slow down. I don’t think it’ll ever stop, but you won’t see it in the news every couple of weeks.

Q: How critical is keeping compliant and having a good forms /doc strategy to providing a world-class solution these days?

MARK DEESE: I was at a conference recently, and someone was talking about regulations in 2020. Part of me thought that was so far away, but things are moving so fast. The LOS won’t be around in five years if they don’t keep up with compliance and regulations and having that proper document provider in place. It’s great to have the sizzle, the special enhancement, but if you don’t have the underlying compliance and rules in place to manage that system and manage your loans, as great as it looks, if there’s not an engine under the hood of that car, in a sense, you’re not going anywhere.

Q: Rules changes are happening at a staggering pace. How does COP stay ahead of these changes?

MARK DEESE: When we were at MBA Annual last year we were hearing that some vendors were saying that they would not have a solution for their clients ready in the next 30 days to deal with the January changes. That was a scary thought to me. For us, compliance is always at the top of our roadmap. We are always ready. Not only is compliance always going to be at the top of our roadmap, we’ve also started discovery function to look at future regulations. Complying with a new rule can happen in several different ways, but we at Fiserv want it to happen just one way. We want to incorporate best practices, not one-off practices. We always have a plan well in advance and we communicate that to our clients.

Q: What is COP’s biggest differentiator as you see it?

MARK DEESE: COP is one system that can handle a variety of loan types, that’s our value proposition. We offer one system that handles all of lending. When there’s a mortgage update to COP, that update goes across all of a lender’s channels. They don’t have to wait for the home equity update. Everything is in one system of record.

Q: Looking ahead, what technology does every LOS have to incorporate into the core system to stand out?

MARK DEESE: We are always looking to provide the best customer experience. We want to help our lender clients retain their current customer base by offering them other products that they might need. At the same time, we want to provide our lenders the right tools to expand their customer base, as well. You might have gotten a mortgage one place, but a car loan somewhere else. Why? Your mortgage lender should be able to offer you that car loan and it should be a really simple process. As a result, the lenders gets more business from the same customer and that customer leaves happy, which prompts him or her to tell others about their lender.

Q: When lenders ask about the ROI associated with migrating to COP, what do you tell them?

MARK DEESE: It’s one system to manage and maintain. Why is that important? You’re reducing your IT costs out of the gate. We’re finalizing a project on our side with some of our live customers that did a comparison of their prior LOS to COP. We are asking them: Where’s your time and cost savings? What systems did you eliminate that you were using prior? We’re hoping to have those results before the end of the year. So far the results early on have been astronomical. It’s unbelievable to be able to share that real ROI with the industry.

Q: As lenders look to get more purchase business, how can COP help them capture that business?

MARK DEESE: When we think of cross sales, a lot of times the lender is focused in on that one opportunity, but COP gives the users the ability to add on top of that, to add that second loan on top of a first, or maybe a home-equity loan, or a line of credit on top of a mortgage, or whatever. So, COP helps expand on any lender’s current portfolio. In the end, the system turns shoppers into buyers. And we’re not just talking about expanding a lender’s purchase business, we’re talking about expanding every business channel that lender has.

Q: How would you define an innovative LOS?

MARK DEESE: You have to be able to take things like maintenance, support and configuration and make it easy. A system that is able to be aligned with the lender’s business unit, but at the same time breaks down those walls within most financial institutions is innovative. If you are looking for a loan and you already have a mortgage with that company, you should get a streamlined process and the person you’re dealing with should know you. Innovative technology helps lenders achieve this type of process. When you get instantly approved for a home equity loan from your existing lender and they tell you once you apply, “Hello Mr. Smith, thank you for coming back to us. You’ve been approved and we can close immediately” that turns your bank into your hero.

Q: Why would you say that COP represents the LOS of the future?

MARK DEESE: In strategic business development here at Lending Solutions our goal is to look to the future, and we are on the leading edge with COP. Clients are asking for one system to manage and maintain. That’s what COP is. Other LOS players may be able to provide a fancy document talking about their system, but when a bank or financial institution gets into the weeds, they see that COP is truly one system of record. No other system can show the same results. Other vendors may be talking about providing one system and they may even be in development, but while that system may be out in four, five or six years, COP is already there.

Industry Predictions

Mark Deese thinks:

1.) We are going to see eight or more final rulings on different regulation changes in the next year or so.

2.) Lenders and vendors will become more comfortable with dealing with a lot of regulatory change.

3.) The way to earn new business will change. Ease of use, ease of maintenance and user experience will drive technology investment.

Insider Profile

Mark Deese is Product Manager for Lending Solutions, Fiserv. He has 10 years of experience working with loan originations and as a lender. He is the Product Manager for the Common Origination Platform in Lending Solutions from Fiserv and demonstrates to others how to replicate best in practice methods in loan origination. Mark has extensive experience; from small community lenders to top ten institutions in the country. Beyond lending, he has a vast understanding of financial institution environments and what is required, day in and day out, in the loan originations market.