Fiserv Acquires LOS Technology from Portellus
BROOKFIELD, Wisc. — Fiserv recently announced that it has purchased the rights to the Portellus loan origination system technology in an effort to streamline the origination of its mortgage, consumer and commercial loans to one program.
"This technology brings opportunities that are directly aligned with the goals many lenders have to utilize a common origination platform," commented Kevin Collins, president of 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," Collins continued. "This technology allows us to offer LOS products to additional market niches, backed by the support of a Fortune 500 company."
One of the program's major components is its rules engine. According to officials, this allows lenders to identify, define, control and implement operations specific to their business.
The rules engine was created to evaluate thousands of rules each second, the company stated.
Essentially, the LOS technology was created to help clients gain more control of the origination process by implementing consistent polices throughout the organization.
Additionally, lenders can cut their loan processing costs and have more flexibility via standard loan-processing features.
Moreover, they can process loans faster, as the LOS allows them to examine activity in real time.
"At Fiserv, we are deeply committed to our clients, and we continually look for new ways to better serve them," Collins added. "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," he concluded.