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Special Reports
Document Services
Fiserv & Compliance Systems Help with Docs
By Amilda Dymi
LAKE MARY, FL -- Fiserv Lending Solutions has introduced easyLENDER Consumer-Commercial
iDM, a new online document management and an addition to its loan origination software solutions that aims to make
the process or originating and closing home-equity, commercial and customer loans highly efficient for lenders.
The easyLENDER software is part of the Fiserv platform of solutions for both mortgage
and customer lenders designed primarily for banks, thrifts and credit unions.
"The software was created primarily for commercial lenders and customer lenders,
but it is suitable for home-equity loans as well, although it is not its primary focus," said FLS senior marketing
consultant, Jeff Berg.
Because Fiserv operations do not include a document company and is not a direct
servicer of mortgage loan documents, he explained, the global provider of information management solutions for
the financial industry maintains business relationships with document vendors such as "great docs" or
"VMP documents" to which mortgage and non-mortgage clients are referred to.
"Fiserv has contracted with Compliance Systems Inc., whose role is to provide
document management services related to the easyLENDER product," he said. "Again, if you want to do mortgages
you need to license our mortgage software and then go to great docs or VMP, depending on client needs. To help
unify the origination process we have an exclusive relationship with VMP."
FLS product options include the easyLENDER family of products and the UnifiedPro
family of mortgage products. Compliance Systems Inc. of Grand Rapids, Mich., provides the document engine for easyLENDER.
The new product facilitates the origination of loans that are not necessarily
mortgage loans, Mr. Berg noted, "but if a client who has acquired a commercial loan may also enter into a
real estate agreement, like a property lease for instance," the software is relevant and applicable in mortgage
transactions.
As Fiserv does not provide document services, document provider companies are
fully responsible for the installation of the documents, document servicing and for solving any document-related
problems. "We want the document vendors to own that relationship with the customer," he said.
The new easyLENDER is a customer and commercial lending focus product that also
allows customers to operate a home-equity loan. "And some will, but most people will probably use it to lend
on boats, cars, motorcycles, yachts, and they'll use it especially for commercial loans on new businesses,"
Mr. Berg said. He expects the number of people who will use the software to operate a home-equity loan to be very
small.
According to FLS president John Tenuta, easyLENDER "selects, formats and
produces the fully compliant and warranted documents that are required for every loan transaction, regardless of
how simple or complex that loan might be."
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