Fiserv VISION, one of the business units of Brookfield, Wis.-headquartered Fiserv, was honored with a BAI Innovation Moment award for its Transactional Mortgage Account solution. The award was presented at the annual BAI Retail Delivery Conference & Expo, held Nov. 13-15 in Las Vegas.
The Transactional Mortgage Account won the award for tightly integrating the features of mortgage, home equity, checking, internet banking and automated clearing house into a single account, allowing consumers to shorten mortgage life dramatically – often from 30 years down to just over 10 years, the company explains.
Monthly statements recap how a customer's positive cashflow is used to reduce the average daily balance of a loan, thereby reducing the interest payments and the life of the loan. Access to the line of credit via ATM/debit card or online bill payment reduces customer resistance to putting excess cash against their mortgage principal.
Fiserv VISION adds that Hans Ganz, president and CEO of Pacific Trust Bank of Chula Vista, Calif., first approached Fiserv VISION with the idea of developing a new product combining the characteristics of a traditional mortgage, an open-end line of credit and a demand deposit account into a single account.
