American fintech company Fiserv has unveiled Mortgage Momentum, a new solution developed to streamline the mortgage ecosystem of lenders and borrowers.

The solution addresses the overall mortgage lifecycle and helps the lenders to improve loan processing time and mitigate associated risks.

The introduction of the Mortgage Momentum is primarily driven by the growing importance of digital interactions in the lending processes, the company said.

According to a Fiserv survey, 56% of the consumers who applied for loans in the past two years completed at least a part of the loan process through online channels.

Fiserv’s mortgage processing tool

The new solution is equipped with workflow automation tools and pre-packaged offerings to simplify as well as enable greater customisation to improve lending and borrowing experience.

Fiserv vice-president of product management Lionel Urban said: “In an industry increasingly focused on speed and experiences, mortgage lenders are challenged to deliver a more efficient lending process and a compelling, differentiated borrower experience.

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“Automation of lending processes improves efficiencies for lenders and speeds time to approval and close, so customers can quickly receive the keys to their new home, refinance, or obtain a home equity loan or line of credit.”

Mortgage Momentum, according to the technology company, will enable lenders to attract potential borrowers through an intuitive mortgage process and verify loan information digitally.

In addition, it will provide a swift, cost-effective and compliant way to deliver the loan packages electronically.

It will also cover the secondary market to enable the financial institutions to optimise their lending portfolio and increase returns.