Brookfield-based Fiserv Inc. has introduced a new product called LoanComplete Quality Check to assist lenders in meeting TILA-RESPA integrated disclosure requirements and improve the accuracy of data and documentation during the lending process.
Fiserv, which develops technology solutions for financial institutions, created LoanComplete to quickly and accurately share information among the lender, borrower and third-party service providers, and confirm receipt of that information. The technology also streamlines fee data exchange and the reconciliation process with the closing partners. It documents all the events between borrowers and settlement agents, and also uses analytic technologies to find errors or differences between documents.
“TILA-RESPA integrated disclosures will help lenders manage the interaction between all parties of the loan process in a transparent, auditable manner, to the benefit of internal controls and an entirely new consumer experience,” said Jay Coomes, vice president, product strategy, Financial Risk Management Solutions, Fiserv. “Specifically, LoanComplete Quality Check from Fiserv improves the accuracy of data and documentation throughout the collaborative process needed to create a closing disclosure with reduced risk for the lender and improved customer satisfaction.”