Fiserv announced on Thursday that it has been named one of six Innovations Award winners by the Progress in Lending Association for its LoanComplete solution designed to help lenders ensure loan applications comply with regulatory requirements.
LoanComplete—a secure, PCI-compliant solution—also allows users to automatically service and transfer loans, and access audit details and analytical reports.
“As the lending market begins to recover, firms will be challenged to adjust their traditional operating models to address the rising costs of reforms, processing costs and volume fluctuations, and the impact of these costs on profitable growth,” Jay Coomes, the vice president of product and strategy at Fiserv’s enterprise content management division, said. “LoanComplete solves these current problems and also addresses process adjustments required due to reforms that will continue to reshape the lending landscape. We are pleased that the Progress in Lending Association has recognized the need for automation of the loan completion process and the contribution that LoanComplete has made to the industry in that regard.”
The Progress in Lending Innovations Award will be presented to innovations introduced into the mortgage market in 2013. Innovations were judged on a weighted scale based on originality, significance, impact, and cost and time savings, among other factors.
Last year’s winners included a la mode, Compliance Systems, eLynx, The Lykken on Lending Radio Program, IndiSoft, NCS and The Turning Point.