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.
close

Email a Friend

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.  

0 comments on “Fiserv unveils new digital mortgage product, giving credit unions a leg up”

Member Exclusive, Online Lenders

As Feds increase fintech scrutiny, experts outline a BNPL regulatory framework

  • After experiencing a meteoric rise in recent years, the BNPL industry is bracing itself for increased regulation in the US as government agencies are looking to widen their oversight into the fintech sector.
  • With concerning signs regarding credit quality, risk intake and its effects on consumers, industry experts are advocating for more regulations and offer recommendations of what these could look like.
Iulia Ciutina | May 04, 2022
Member Exclusive, Online Lenders

Lending Briefing: BNPL regulation and the growing digital lending market

  • The BNPL market needs more regulatory oversight in order for consumers to be protected, new research suggests.
  • The fast-growing BNPL industry exists in a legal gray space and mostly consists of subprime borrowing, and pure players are yet to demonstrate profitability.
Iulia Ciutina | April 27, 2022
Online Lenders

Deserve’s CEO on the fintech’s new corporate credit card as a service offering

  • White label commercial credit is blooming, aiming to help companies serve other businesses by giving them easy access to capital. In our latest briefing, we spoke with Deserve's CEO Kalpesh Kapadia on the fintech's new commercial platform.
  • In other developments, community banks are partnering with crypto lenders - selling loans to a crypto trust and converting the cryptocurrency in fiat dollars to continue writing more loans.
Iulia Ciutina | April 18, 2022
Online Lenders

This week in lending: 2021 BNPL results, credit markets poised for growth this year

  • US BNPL players are pursuing aggressive growth strategies, but underlying performances are beginning to surface some concerns in the market.
  • After the pandemic made lenders cautious, credit markets have opened again in 2021, thanks to positive economic signs from borrowers.
Iulia Ciutina | March 18, 2022
Member Exclusive, Online Lenders

Lending Briefing: 2021 BNPL results, C&I lending picking up again

  • US BNPL players are pursuing aggressive growth strategies, but doesn’t necessarily mean healthy growth - underlying performances are beginning to surface some concerns in the market.
  • In commercial and industrial lending, volumes are picking up for the third consecutive quarter since the onset of the pandemic.
Iulia Ciutina | March 16, 2022
More Articles