BROOKFIELD, Wis.– Fiserv has announced the availability of its newly enhanced LoanComplete Comparalytics solution, which it said now fully enables document-to-document data comparisons, regardless of document type.
The LoanComplete Comparalytics module works with existing data sources to proactively identify and flag data mismatches between transferee and transferor servicing systems, documents, data sources and the original documents, allowing real-time insight for corrections. With the recent update, the benefits of ensuring consistency of data by comparing loan document content against the loan origination system (LOS), automated underwriting system (AUS), servicing system and other systems of record, is now extended to comparing document content directly to other documents in the loan file, the company said.
"Managing transfer and regulatory risks is top-of-mind to today’s mortgage loan servicers," said Gregg Lehman, senior product manager, Financial & Risk Management Solutions, Fiserv. "We are committed to providing solutions to enable the utmost accuracy and efficiency and help maintain loan quality throughout all stages of loan servicing. The updated Comparalytics module within LoanComplete helps servicers ensure that the highest level of due diligence has been completed regarding data comparison."
With LoanComplete, Fiser said primary documents can be designated to serve as the main data source for comparison to other secondary documents in the same loan file. For example, information contained in the application can act as the primary source data and be used to compare the information contained in the AUS to verify for accuracy. The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors when the servicing file is created, significantly mitigating downstream compliance risks such as meeting CFPB servicing file and borrower communication requirements or investor loan modification and default servicing requirements.
Comparalytics is one of the four modules of the LoanComplete automation suite. LoanComplete from Fiserv is a patent-pending, life-of-loan solution suite that supports compliance and automates time-consuming processes through enhancements to existing loan origination, loan servicing and regulatory compliance systems. LoanComplete simplifies loan origination and servicing in today’s increasingly complex lending environment and delivers combines standardized workflow processing with enterprise content management and customized data analytics.
Merck Sharp & Dohme FCU Selects Fiserv
Separately, Fiserv said that Merck Sharp & Dohme Federal Credit Union, Chalfont, Penn., has expanded its relationship with the company through the addition of multiple solutions that will support and strengthen the credit union’s sales culture.
The $536-million MS&D FCU will use the DNA account processing platform and 19 additional solutions to drive organic growth through enhanced sales and service capabilities, and to better serve its members.
"We believe that Fiserv provides the technology platform and integrated solutions we need to increase the value of our most important asset – our member relationships – by increasing our speed to market with products and services and enhancing our ability to provide exceptional member service," said David Whitehead, CEO, Merck Sharp & Dohme FCU. "Our longstanding partnership with Fiserv continues to demonstrate their commitment to helping us realize our vision and deliver solutions that enable us to grow and engage with our members in new ways."
According to Fiserv, DNA brings MSDFCU a unified, person-centric core platform that provides credit union staff with a 360-degree view of member relationships for more personalized service and more relevant product offerings. The open architecture of DNA enables MSDFCU to integrate a range of additional Fiserv solutions, as well as DNAapps(TM) that the credit union can create for itself or download from the DNAappstore(TM) -- to enhance member service and advance its sales culture.
In addition to DNA, the credit union has added a suite of integrated CRM and business intelligence (BI) solutions, Mobiliti mobile banking, DNAweb online banking, CheckFree RXP online bill pay, Popmoney personal payments, Nautilus enterprise content management, Instant Open for DNA to speed online and in-branch account opening, tMagic for DNA to enhance teller line interactions, Statement Advantage, WireXchange, and several payment processing services from Fiserv.
Fiserv said its DNA professional services team will help the credit union implement best practices, and Raddon Financial Group will continue to provide MSDFCU with trusted insights and advice.