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GMAC and New Century Choose Fiserve Systems For Loan Servicing.(Brief Article)
Fiserv Inc. here reports that both large and not-so-large servicers are signing up to use its MortgageServ residential mortgage servicing system. As evidence, the company says that both GMAC Mortgage and New Century Mortgage Corp. have both agreed to implement the platform. Both firms have also elected to use the integrated InformEnt Mortgage Data Warehouse.
GMAC, Horsham, Pa., is one of the nation's top mortgage loan servicers, but the company will also use the MortgageServ system to service consumer loan products, Fiserv said. GMAC services a portfolio of more than 2 million mortgages, home equity lines of credit and consumer loans, totaling over $205 billion.
Through its Client Branded Solutions, GMAC is also one of the nation's leading private label subservicers. As a private label servicer, unique brand names and multiple institutional rule sets must co-exist within the GMAC servicing platform. MortgageServ's private-label, subservicing functionality, called PL$$, will enable GMAC to customize the servicing pathway for each subserviced portfolio segment within the same platform that it uses to service its own large portfolio.
"GMAC Mortgage is way ahead of the curve in terms of creating a new servicing model," said Sadu Thinakal, president of Fiserv Mortgage Servicing Systems. "Fiserv has developed MortgageServ to support the needs of mega- servicers, and GMAC Mortgage's selection of MortgageServ as the foundation for its debt service utility validates the strategy behind our platform."
Mr. Thinakal said the MortgageServ would allow GMAC to consolidate its vertical, product-based operational silos into a single, customer-focused platform that will better leverage staff and facilities to deliver economies of scale.
"GMAC Mortgage requires a solution that supports the multiple dimensions of our loan portfolio's scale and scope," said Ralph Hall, GMAC chief operating officer.
Because MortgageServ integrates the servicing of first mortgages with other loan products in a way that is transparent to the ...
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