Fifth Third implements Fiserv Imagesoft Nautilus for mortgage processing
|June 20, 2007|
Fiserv Imagesoft, a business unit of Fiserv, Inc. (NASDAQ:FISV), announced that Fifth Third Bank, (NASDAQ:FITB), with $99.8 billion in assets, has chosen to image-enable its mortgage processing functions - from loan origination to servicing - with the Fiserv Imagesoft Nautilus Enterprise Content Management (ECM) system.
Besides the new system, Fifth Third Bank currently employs the Fiserv UniFi PRO loan origination and MortgageServ loan servicing systems. Deeply integrated with both UniFi PRO and MortgageServ, the Fiserv Nautilus ECM system adds image-enabled document management, and automated workflow to Fifth Third's mortgage process, creating a truly paperless lending environment.
"One of the main reasons we selected Fiserv and Nautilus to image-enable our mortgage process was because of its integration with the Fiserv loan origination and servicing systems we have been using for nearly five years," said Robert Lewis, division head of residential mortgage for Fifth Third Bank. "With Nautilus, Fifth Third will automate and standardize its mortgage lending processes, routing image files per pre-defined rules and prompting staff to perform routine tasks that are established in the workflows."
"Our previous mortgage lending process was primarily manual, so it allowed only one person to work on a file at any given time," said Lewis. "With Nautilus, our loan files will be created and managed as images instead of physical folders, allowing our team to perform multiple processes simultaneously on a single file. By image-enabling the end-to-end process, we expect to greatly reduce our cycle times."
"Fifth Third Bank's premier position in mortgage lending, along with its commitment to innovation, perfectly positions the company to lead the industry with end-to-end paperless mortgage lending," said Ron Thompson, president of Fiserv Imagesoft. "We are very pleased to partner with Fifth Third and extend the value of the Fiserv mortgage processing environment by adding image-enabled document management."
Nautilus also delivers a robust complement of performance reporting, providing detailed metrics related to system use and efficiency, as well as audit trails, tracking and exceptions management. These reports will enable Fifth Third to continually fine-tune its workflows and address any bottlenecks that may occur in order to maximize staff productivity.
"We expect to realize a broad spectrum of benefits by image-enabling our mortgage loan processing," said Lewis. "Specific improvements are anticipated in the areas of interdepartmental and partner communications, internal audit abilities, compliance, data quality and overall customer service."
Source: Fiserv, Inc.