Online Lenders

Fiserv unveils new digital mortgage product, giving credit unions a leg up

  • As mortgages move online, Fiserv has developed a digital solution.
  • Credit unions stand to gain, lending more to their current customer base.
Fiserv unveils new digital mortgage product, giving credit unions a leg up

Fiserv has announced its own digital mortgage lending solution for financial institutions.

Fiserv unveiled Mortgage Momentum, a new digital product to help lenders streamline the mortgage lending process. This service will be coupled with the company’s existing mortgage lending products: Mortgage Director, a loan origination system, and Originate Mortgage, a mobile point-of-sale application.

Credit unions get a boost: Fiserv has deep inroads into credit unions. According to the company, one-third of U.S. credit unions depend on Fiserv for their core account processing technology, the backbone for daily banking operations. This comes as credit union leaders increasingly recognize the need for technological improvement, as budget increases in digital solutions are taking effect across the industry.

CU mortgage growth: Credit unions are also ramping their mortgage businesses. Callahan & Associates, a credit union research and consulting firm, noted that loans by credit unions in Q3 2018 reached an all-time high, with first mortgages accounting for 40.9 percent of the lending total, equating to $424.6 billion in balances.

A report from Radon Research found that those who utilize a credit union as their primary financial institution plan to use that same credit union for their mortgage 83 percent of the time. With a strong backbone of potential customers, Fiserv’s Mortgage Momentum stands to capitalize on digitizing the application and lending processes, improving customer experience and reducing lending times.

Additionally, credit unions can compete with retail banks in acquiring new customers (who appear to be increasingly fed up with their current financial institution) that expect such digital solutions as the new normal.  

Online Lenders

Al Goldstein on Avant’s move into powering digital lending for banks with Amount

  • Avant started six and a half years ago in consumer lending and has transacted over 1 million times.
  • The company is spinning off Amount, its B2B digital lending platform.
Zack Miller | September 13, 2019
Online Lenders

Alternative data gets a thumbs up: Update on the CFPB’s first no-action letter

  • The CFPB published more information about the use of alt data in credit decisioning.
  • The results are positive for lender Upstart and for the industry in general.
Michael Deleon | September 06, 2019
Online Lenders

A deeper look into the payroll advance industry

  • Along with 10 other states, New York is looking into the payroll advance industry.
  • Branded as a kinder, gentler version of payday lending, it's possible that the industry's tipping model is more than it seems.
Paige Stern | August 13, 2019
Online Lenders

‘We call it Dream Fuel’: Behind the growth of PayPal’s SMB lending business

  • PayPal is scaling its SMB lending business and its program recently surpassed $10 billion.
  • svp of credit Darrell Esch joins the podcast to talk about where the business is headed.
Zack Miller | August 07, 2019
Online Lenders

Affirm’s Max Levchin: ‘Walmart doesn’t get enough credit for its customer focus’

  • Walmart has recently rolled out Affirm's POS financing broadly in its stores.
  • CEO and founder Max Levchin sat with Tearsheet to talk about the state of the business.
Zack Miller | June 21, 2019
More Articles