Rochester,NY 7/9/2009 2:37:19 AM
Afternoon Report - FISV - Loan Servicing Platform from Fiserv Meets New "Making Home Affordable Loan Modification" Requirements - Sourced WhisperFromWallStreet.com
Fiserv Inc
Afternoon Report - FISV - Loan Servicing Platform from Fiserv Meets New "Making Home Affordable Loan Modification" Requirements - Sourced WhisperFromWallStreet.com
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Fiserv Inc.FISV
After Hours: 43.97 Down 0.14 (0.32%) 3:33PM ET
The leading global provider of financial services technology solutions, announced today its Loan Servicing Platform, with extensive loan modification and loss mitigation features, is fully compatible with new guidelines from the U.S. Treasury Department on home loan modifications. In fact, from its inception the Fiserv platform was the first loan servicing system that was fully capable of supporting the Making Home Affordable Modification program.
As part of the Obama administration’s initiative, the U.S. Department of the Treasury created the Home Affordable Modification Program (HMP) as part of the Making Home Affordable program. Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, were named as the administrators of the HMP. Designed to help as many as three to four million distressed homeowners avoid foreclosure by modifying loans and monthly mortgage payments to an affordable level, the program provides clear and consistent guidelines that the mortgage industry must follow.
The Loan Servicing Platform is an example of Fiserv’s processing services core competency and utilizes integrated default management tools that allow servicers to track and study the loans being modified. With this knowledge, servicers can formulate best-option workout scenarios based on operational business rules while meeting HMP guidelines.
About
Fiserv, Inc. provides information management and electronic commerce systems and services, including transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions primarily in the United States. The company operates through two segments, Financial Institution Services, and Payments and Industry Products. The Financial Institution Services segment offers account processing services, item processing services, loan origination and servicing products, cash management and consulting services, and other products and services. The Payments and Industry Products segment provides products and services that address a range of technology needs, including Internet banking, electronic bill payment, electronic funds transfer and debit processing, fraud and risk management capabilities, card and print personalization services, and check imaging and investment account processing services for separately managed accounts for the financial services industry. The company serves banks and thrifts, credit unions, savings institutions, retailers and merchants, leasing companies, lenders, government agencies, and publicly and privately owned companies. It also has operations in Argentina, Australia, Canada, China, Colombia, Costa Rica, France, India, Indonesia, Luxembourg, Malaysia, Mexico, the Netherlands, the Philippines, Puerto Rico, Poland, Singapore, and the United Kingdom. Fiserv, Inc. was founded in 1984 and is headquartered in Brookfield, Wisconsin.
Last Trade: 44.01
Day's Range: 43.89 - 44.48
52wk Range: 27.75 - 54.67
Volume: 1,244,061
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