A new Fiserv Lending business unit aims to help mortgage-backed security investors identify and mitigate risks in their portfolios. The company, Fiserv Lending Solutions’ Portfolio Services, joins Fiserv’s fulfillment division.
“We help firms get comfortable with what they are paying for when they have a portfolio of residential mortgage loans,” said James L. Smith, recently hired as executive vice president of FLS-Portfolio Services. “That helps facilitate whole-loans sales transactions of their mortgage-backed securities for Wall Street firms.”
The mortgage-backed security market is mysterious and complicated to many, and the company aims to help investors enter the secondary market for portfolio loans with ease.
Smith brings more than 15 years of experience in private placement securities, appraisal reviews for the secondary market, non-conforming lending and financial management to the new company. Smith has held senior management positions at Nationwide Portfolio Services, Fidelity Hansen Quality, JLS Financial Services, Old Kent Mortgage Co. and Southern Pacific Funding Corp.
Other members of the company’s management team have broad backgrounds in residential mortgage originations, capital markets, home equity, credit and audit industries.
The service is customized to the secondary market. FLS-Portfolio Services has in-house appraisers who are independent of the lending business and experienced in auditing closed loans.
If appraisers identify a property as a potential high risk, the company offers risk assessment tools allow further examination of the property, he added.
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