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MortgageServ Adds Home Equity and Subprime Features.
At Fiserv's annual MortgageServ Client Conference in Myrtle Beach, S.C., the company's division president, John R. Tenuta, told Mortgage Servicing News about the product's largest release coming up May 14, which will include over 170 new enhancements and 700,000 lines of code.
"Many of the projects included in this release center on enhancements on home equity accounts and subprime," said Mr. Tenuta. "Everything that went into this release was the result of client feedback."
The release is the largest in the company's history and represents a change in the way future releases will be brought to market. "We combined two releases to give the customers a chance to focus on servicing their clients and pick maybe only two or three times a year to give them a chance to focus in on accepting the new release," Mr. Tenuta pointed out.
"Also, we changed the testing cycle this time around and brought the customers in to test the enhancements so we could get feedback and adjust anything that needed adjusting."
In the future, Fiserv plans to move toward a quarterly release instead of monthly or bimonthly schedule. For the average customer this means less time spent each month getting up on a new upgrade as it takes an average customer 60 to 90 days to install and implement.
"This new release includes several tactical products that will detail the strategic direction of MortgageServ," said Mr. Tenuta. "The need for operational efficiency is paramount, which we've focused on with our browser-based system. We've made the first inroads and the next level is to go further and build more scripts, more graphically oriented tools for the end user to give the product a customized feel in a solution that's easy to use.
"For example, servicing is no longer a nine-to-five area," he continued. "Companies may have outsourced a call center overseas and we have to make MortgageServ work seamlessly with several locations throughout the world in most cases. It's truly a 24/7 product."
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