A new technology offering enables even the smallest mortgage servicers to provide borrowers with online access to their accounts through iPhone and iPad applications.
The offering, LoanLink, was announced Monday.
The service is provided as a LoanServ module, according to the developer of the technology, Fiserv Inc. The single-platform loan servicing system reportedly supports institutions of all sizes, “from entrepreneurial loan servicing operations to the largest financial institutions.”
In addition to enabling loan payments, customizable features available with LoanLink include payment histories, account administration and payoff requests. Information about loan modifications and other options are also available.
The Brookfield, Wis.-based company, which is a MortgageDaily.com advertiser, said its research from last year found that the share of mobile-phone users conducting banking services through their wireless devices grew to 30 percent in 2010 from less than a quarter in 2008.
The study additionally found that 43 percent of consumers were interested in conducting financial transactions on their mobile phones. Fiserv noted that interest was greatest among “Gen Y” consumers — which Wikipedia describes as people who were born between somewhere around 1975 and approximately 2000 — with 60 percent expressing interest in online commerce.
“LoanLink allows lenders to offer customers 24/7 access to their loan records and pulls information directly from the LoanServ platform in real time, avoiding the typical data-sync issues associated with batch processing,” the statement said.
One of the companies that has already been using LoanLink is BancorpSouth Inc., a Tupelo, Miss.-based institution that originated $1.4 billion last year. Bill Edwards, president of BancorpSouth Mortgage, was quoted as saying that the application lowered costs.
