Content area
Full Text
Do tech vendors need to bulk up if they want to play at all? Many say yes. A leader in the trend toward consolidation of mortgage technology providers is Brookfield, Wis.-based Fiserv Inc. (www.fiserv.com), which tallied $2.3 billion in processing and services revenue for 2003 while serving more than 15,000 clients worldwide.
While not known as a bleeding-edge technology player or a stalwart MISMO champion, Fiserv's early look at electronic partner networks and brief partnership with nCommand spurred Fiserv's search for viable, inexpensive ways to implement electronic transactions and e-mortgages for its customers. Its most recent acquisitions all support that end, and its stellar customer-retention rate suggest that Fiserv customers view it as a true end-to-end provider.
In 2002 the Fiserv Integration Framework launched as a major component in the company's growth strategy. Using XML, Web services and other programming tools, that initiative continues to create secure technology integration across Fiserv's products and among the company's technology partners. Because that initiative will lower the cost of developing and supporting Fiserv software systems - and enable easier technology integration with newly acquired companies - it is a major component in Fiserv's current growth strategy. Fiserv Lending Solutions and Integrated Loan Services incorporated the Fiserv Integration Framework in order to streamline ordering title searches, flood certificates, mortgage recordings, title insurance, appraisals, automated property valuations, loan processing services and other closing services.
As an example of its integration effort, in July 2003 Fiserv announced the acquisition of Chase Credit Research and Chase Credit Systems, with the expectation of thereby giving lending clients better integration with Chase's browser-based WebStar credit reporting system and adding $25 million to Fiserv's annual revenues. WebStar users can pull AVM reports from the same platform from which they download credit reports because Chase Credit has integrated the CASA automated valuation model developed by Fiserv Case Schiller Weiss into the WebStar platform.
As another example, Fiserv recently offered users of its Unifi PRO loan origination system a one-step approach to placing closing- service orders and checking status through the ILS system without re- keying data, undertaking any programming steps or incurring any transaction fees. Services can be ordered individually or in bundles.
The president of Fiserv's Lending Systems & Servicing Group is James Puzniak,...