Flagstar Bank of Troy, Mich., has agreed to use electronic closing systems from Fiserv Inc. of Brookfield, Wis., to manage mortgage originations.
Fiserv announced Monday that Flagstar is using the eMortgage software to manage its signing, closing, and post-closing processes. The $16.2 billion-asset Flagstar is also using Fiserv's eNotes software to store electronic documents and its eVault application to arrange electronic funds transfers to secondary loan markets and to servicers.
Flagstar uses Fiserv's SmartDoc paperless mortgage application technology from Online Documents Inc., and the vendor said its software lets people affix electronic signatures and seals to SmartDoc files.
The electronic document management applications allow Flagstar, its lending agents, and borrowers to exchange paperwork and keep a record of each time the file is moved or updated, Fiserv said.
Brian Boike, Flagstar's first vice president of lending support, said compatibility with SmartDoc technology was one reason his company selected the Fiserv software.
"Integration of Fiserv eLending functionality with our existing systems and document provider is enabling us to roll out eMortgages with minimal changes to our business," Mr. Boike said in a Fiserv press release.
