Brookfield, Wis. -- Fiserv Inc., provider of F&I information technology services, has acquired the rights to Portellus Inc.’s loan-origination system (LOS) technology. This acquisition is part of the company's ongoing strategy to bring a common loan-origination platform to market that will allow lenders to originate their mortgage, consumer and commercial loans on one platform, according to Fiserv.
“This technology brings opportunities that are directly aligned with the goals many lenders have to utilize a common origination platform,” said Kevin Collins, president, Fiserv Loan Origination Products. “We recognize our obligation to take proactive and strategic steps necessary to ensure that we’re properly positioned to meet the needs of the marketplace, today and in the future. This technology allows us to offer LOS products to additional market niches, backed by the support of a Fortune 500 company.”
Central to the technology is a rules engine that is designed to allow lenders to identify, define, control and execute their specific business processes. By allowing their clients to consistently apply business policies across the organization, Fiserv hopes to offer additional control over the origination process. For lenders, the company hopes to reduce the cost of processing a loan and provide flexibility and agility with automated standard loan processing functions. The technology is also designed to enable lenders to monitor activity in real time, to further facilitate faster loan processing.
“At Fiserv, we are deeply committed to our clients, and we continually look for new ways to better serve them,” said Collins. “Over the last few years, we recognized a growing need in the market for a single-technology origination platform. As we continue to develop our strategy, this web-based technology helps us address that need more quickly.”