Fiserv Expands Indirect Loan Capabilities
BROOKFIELD, Wis. — Fiserv announced this week that its loan servicing platform can now manage indirect and other third-party loans.
This expansion is designed to broaden the full-spectrum of loans to be processed and can provide online, real-time back-office transactions for diverse portfolios.
"Indirect lending was once considered the domain of auto dealerships, but most national retailers and a growing number of local contractors now offer financing to their customers," explained Thomas Gorman, president of Fiserv Loan Servicing Products.
The system can manage all current types of indirect financing, including same-as-cash and staged funding loans that manufacturers, distributors and retailers may offer to borrowers. The platform can enable all financing products to be boarded and serviced quickly and efficiently and manages all of the unique disbursement, collections and reporting requirements, officials noted.
"Now, just because you offer your customer multiple loan types doesn't mean that you have to have multiple servicing systems," Gorman pointed out. "The Fiserv Loan Servicing Platform provides all the functionality needed to service all retail loans, plus the scalability and flexibility to grow as new lending products are added."
The platform can also offer greater information exchange through customizable dealer statements using dealer data files.
"The Fiserv servicing platform allows banks to further their lending relationships with this specialized breed of customers. We anticipate growth in this sector and have taken the steps necessary to ensure these loans can be managed efficiently," Gorman said.
For more information, visit www.fiserv.com.