Fifth Third Bank has licensed the UniFi Pro Mortgage loan origination and processing solution from Fiserv, with the goal of consolidating the mortgage lending activities of its remote staff, branch loan officers and processing centers.
The product's application design will allow Fifth Third to run the same software package and database on its standalone laptops, modem-connected laptops, LAN-connected desktops and Internet-connected desktops.
"We are pleased with the flexibility of UniFi Pro Mortgage," according to David Rice, vice president of information technology at Cincinnati-based Fifth Third. "We will be able to roll out the system to the entire business-which extends across seven states-quickly and efficiently."
A centralized database architecture enables loan officers to capture loan applications at the point of sale, then seamlessly transmit them for processing, underwriting, closing and loan delivery. In addition, UniFi Pro's automated work queues are expected to result in more efficient hand-offs throughout the $75 billion bank's multichannel lending environment. By streamlining its workflow, Fifth Third expects to eliminate many manual processes, reduce data re-entry and improve information accuracy and integrity.
"Fifth Third Bank wants exactly what UniFi Pro Mortgage has to offer: automation, integration and efficiency," said Dan Welbaum, senior vice president of sales and marketing at Lake Mary, Fla.-based Fiserv Lending Solutions.
UniFi Pro offers Fifth Third the software connectivity it needs to transform its high-volume, paper-intensive mortgage-lending operations into a series of highly automated, well-integrated electronic processes. Fifth Third is free to request and integrate data from automated underwriters and other third-party services, such as credit, appraisal, flood insurance and title providers. In addition, UniFi Pro enables the bank to automatically transmit loan records and closing packages.
Most importantly, it allows the bank to concentrate on its most important asset-its customers.
"We can take advantage of today's newer technologies to improve not only our internal efficiencies, but also our delivery of services to borrowers," said Rice. "We want to make the home-buying process a simpler, faster, and more enjoyable experience."
UniFi Pro is the latest in a series of Fiserv products used by Fifth Third. The bank also uses MortgageServ (a browser-based loan servicing system), Fiserv Securities (securities clearing and execution services), and IPS Sendero (decision support, risk management and profitability measurement systems).