Fiserv Lending Solutions & Navy Federal Credit Union: Full Speed Ahead for eMortgages

This functionality, currently in live production at Navy Federal Credit Union, is expected to be made available to all UniFi PRO Mortgage software users in a Fiserv software release slated for delivery in the first quarter of 2004. Navy Federal, a UniFi PRO Mortgage LOS client since 1999, is the worlds largest credit union -and the nations largest credit-union mortgage lender. The credit union has $20 billion in assets and originated nearly $5.1 billion in mortgage and home-equity loans from January 1 through August 31, 2003. With its new eClosing solution, Navy Federal can now provide faster and better service to its members. In addition, the credit union can streamline its lending process and reduce the amount of paper required to process and close a mortgage. An eMortgage is a mortgage loan that is electronically closed (via eClosing), and is sold and delivered by paperless means. During closing, documents can be executed with an electronic signature (eSignature). Generating eMortgages has many benefits, including reduced printing/courier costs and simplified version control (documents can be reviewed online before the loan is closed by a settlement agent). Other advantages include fewer changes at the closing table, the convenience of eSignatures, and faster delivery of mortgage loans to investors. The Federal National Mortgage Association (Fannie Mae) released formal eMortgage requirements in June 2002. UniFi PRO Mortgages eMortgage Workflow facilitates the production of eClosing data and documents that help lenders such as Navy Federal meet the technologys formal implementation requirements. Navy Federal automated the exchange of eSignature-enabled data and closing documents through a fully integrated eMortgage workflow facilitated by Fiserv Lending Solutions UniFi PRO Mortgage LOS. Navy Federals lending staff now uses UniFi PRO Mortgages screen displays and Internet-enabled communications architecture to seamlessly place, update or cancel electronic orders; review loan status; and deliver closing documents. As a result of this integration, manual data entry is eliminated and the integrity of loan data and documents is maintained throughout the loan process. Loan data in the UniFi PRO Mortgage database are automatically passed to Navy Federal as an XML file, which enables fast, standards-based information exchange. In addition to being used to manage the packaging and delivery of electronic closing documents, loan data are used to execute specific actions - such as electronically notifying settlement agents that closing documents have been delivered. Increasing the efficiency of a complex, highly interactive process such as a mortgage-loan closing required the coordinated effort of proven mortgage-industry leaders. Together, Fiserv Lending Solutions and Navy Federal Credit Union have developed a solution that not only advances the adoption of the eMortgage as a viable lending option, but delivers significant process and service improvements that benefit all participants in the lending process - from borrower to lender, settlement agent and investor. Navy Federal Credit Union, the worlds largest credit union and Americas largest credit-union mortgage lender, has $20 billion in assets, 2.4 million members worldwide, and has closed more than $6 billion in mortgage and home-equity loans in 2002. Navy Federal serves military and civilian personnel of the Navy and Marine Corps and their families. The credit union began providing mortgages in 1979, and now offers mortgage services in all 50 states and the District of Columbia. Headquartered in Vienna, Virginia, Navy Federal Credit Union operates 98 branch offices and 269 proprietary ATMs worldwide. Fiserv Lending Solutions, a Lake Mary, Florida-based business unit of Fiserv, Inc, is a leading provider of loan origination and processing technology to the financial services in