Fiserv UniFi Products has announced the release of two new consumer lending solutions, Unifi PRO Consumer and UniFi Express Consumer.
Windows(TM)-compliant and client/server, these high volume, direct and indirect loan delivery systems will be unveiled at the BAI Retail Delivery Show in New Orleans Dec. 2 to 4. The primary difference between the products is the ability for the end user to customize the application. UniFi PRO is equipped with PowerTools(TM) for a customized user setup, whereas UniFi Express comes ready-to-use.
“We’re excited about the potential that UniFi will give consumer lenders,” said John F. Saelens, Fiserv UniFi Products SVP of Business Development. “The combination of UniFi’s state-of-the-art technology and robust feature/functionality gives financial organizations the ability to strategically position themselves to take advantage of the consumer lending market.”
Among the business benefits UniFi PRO Consumer and UniFi Express Consumer provide are:
Sound Technological Investment. UniFi is a Windows-compliant, client/server solution. The system is scalable on multiple platforms, ensuring performance regardless of changes in number of users or configuration. The solid architecture of the system — a fourth generation, object-oriented programming language: a robust relational database management system — allows for easy integration of new technology.
Ease of use. A GUI application, UniFi utilizes pull-down menus, icons, pick lists, lookup tables and online help. The system’s workflows guide users through the application process, while work queues alert users to the work they have waiting. The system’s notepad allows users to store comments and notes with the application, and its built-in income calculator lets users solve for gross income.
Complete business solution. UniFi supports the complete range of consumer loan products, including auto, motorcycle, RV, home improvement, home equity, second mortgages, Section 32 loans, mobile home, credit card, lines-of-credit, deposit-secured, boat loans and more. A flexible, advanced, risk-based pricing component allows product-based lending rates to be applied at the application level. These components supply the base structure lenders need to support their business.
Enhancing the product support are user-defined parameters that reduce data entry and expedite the application process, along with fast and efficient links to business partners. At the same time, features like system calculations and automatic document production, where the system analyzes the application to determine what documents to produce, transfer the decision process from the operator to the system. This increases speed, gives the client organization more control, ensures accuracy and reduces the learning curve. Other efficiency tools, such as workflows, work queues and event tracking, move the application through the origination process, ensuring that the application gets the appropriate operator attention.
Flexible standard document coding is packaged with the base system and the capability for creating custom documents is also featured. In addition, a graphical report generator, Crystal Reports, is utilized to allow user-generated custom reports. With the open architecture of the database, these documents and reports can pull data from any field the client chooses.
Screen, menu and workflow control. UniFi PRO Consumer includes the PowerTools package, which gives organizations powerful customization tools to adapt the system so that it works the way that is most effective for them. Utilizing UniFi’s menu and screen editors, users can create new workflows and screens with simple point, click, drop and drag design. Event tracking, work queues and fields can also be customized.
The ability to “upsell” the loan. UniFi Consumer allows the lender to approve the loan for the maximum amount, regardless of the original amount requested. For example, if an individual requests a $5,000 loan for a used car but the collateral data shows that the user has equity for up to $25,000, Unifi will approve up to $25,000. This allows the loan officer to upsell the loan, cross-sell other loan products and proceed with the requested $5,000 loan.
Risk Based Pricing. UniFi advances risk based pricing beyond accepting or declining an application; it also allows organizations to accept and compensate to adjust for risk. This is accomplished through the system’s open architecture, which gives clients the flexibility to adjust loan pricing for any characteristic of the applicant or loan. Lenders can access credit bureaus, download the data they choose and store it. The data, combined with borrower and collateral data collected from the customer, is used to assign individual pricing. UniFi’s risk based pricing system allows lenders to adjust their pricing to accept B and C credit applications while compensating the organization for its increased risk exposure.
Performance controls. At the executive level, UniFi stores a comprehensive library of credit risk results, allowing client organizations to analyze and adjust credit quality to improve performance. At the management level, work prioritization tools and work queuing statistics allow managers to monitor and track performance.
A single vendor solution for loan delivery. In addition to the UniFi Consumer products, Fiserv UniFi Products offers UniFi Express Mortgage and UniFi PRO Mortgage, the leading client/server solutions for mortgage originations. By utilizing a single UniFi solution, organizations can cross-train their mortgage and consumer personnel to leverage staffing resources and consolidate support areas.
Already in use by more than 1,000 professionals at one of the nation’s largest B&C home equity lenders, UniFi PRO Consumer has been tested and proven in even the largest of workplaces. Its sister product, UniFi PRO Mortgage, is currently implemented at more than 40 client sites with more than 14,000 user seats sold nationwide. It is the leading client/server solution for mortgage originations.
UniFi PRO is sold through the direct sales force of Fiserv UniFi Products. UniFi Express is sold through a network of value added resellers, including First American Title/Lenders Advantage and EDS.
Fiserv Inc. is a full-service provider of data processing systems and information management services and products to over 5,000 banks, credit unions, mortgage firms and savings institutions worldwide. A publicly held company headquartered in Brookfield, Wis., Fiserv Inc. stock is traded on the NASDAQ over-the-counter market under the symbol FISV.Details