DEARBORN — ChannelNet has developed a platform for Fiserv Inc. that allows borrowers of the company’s lending institution clients to restructure their own installment loan or mortgage payments online.
In addition to modifying their loan repayment, borrowers may also use Fiserv’s LoanLink to make payments online, receive loan payoff information, view transaction history, and update personal and financial information related to their loans.
LoanLink, built on ChannelNet’s patented and scalable SiteBuilder software, enables Fiserv lending institution clients to provide their borrowers with self-service tools for mortgage, installment, and revolving credit accounts. The consumer adoption rate for one Fiserv client is higher than average, with 42 percent of its customers actively using LoanLink within two months.
According to Fiserv data, when consumers modify their loans online, the average work-out time is reduced to three weeks instead of the typical two months.
Companies using the ChannelNet solution include Gateway Mortgage in Waterford, Conn.; Cole Taylor Mortgage in Chicago; Freedom Mortgage in Mount Laurel, N.J.; and Heartland Mortgage in St. Louis, Mo.