November 24, 2004

Fiserv has rolled out its new electronic partner network. Finally, the company is combining the products and services from its many acquisitions into a product that lenders can use easily. But that's just part of the story. What's really interesting is the new Fannie Mae system the EPN will interface with in the near future.

Fiserv's EPC is plenty cool, don't get me wrong. I've been wondering when this company would combine all of its offerings into something that lenders could access in an easier fashion. This move certainly does that.

But at the Fiserv Users Conference earlier this month, Fannie Mae executives spoke to Fiserv's customers about how the new EPC would integrate with Fannie Mae's new e-Closing tools.

Fannie isn't talking about them yet and sources say it will be weeks before the GSE makes a formal announcement. But rumors started floating around shortly after the MBA's annual convention, where Fannie held a closed-door meeting with some of its top lenders.

We'll be telling you all about the new system as we learn more. What we know so far is that it will allow Fannie Mae to watch each loan it plans to buy from the point-of-sale. The GSE says it will make it easier and cheaper to deliver loans into the secondary market because problems can be found and corrected earlier in the process. But what some lenders are likely to see, particularly those that sell the majority of their business to Freddie Mac, is that Fannie has its fingers in the business well before it has traditionally become involved. That's bound to ruffle some feathers.

We're working to confirm another explosive rumor about the new system now and will break that news on Monday.

Have a great Thanksgiving holiday.

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