New Cloud-based Servicing Transfer Solution

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Filed under: Mortage Industry News

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Mortgage services provider LenderLive Network has decided to expand its DocData document management platform by introducing a new cloud-based servicing transfer solution which is designed to cut the time and cost of the mid-scale to large-scale whole loan and mortgage servicing rights transfers.

According to LenderLive, this new solution systematically reviews loan files, recognizes critical borrower workout documents, and creates additional data and fields needed to accurately service transferred loans.

In a recent article, writer Ben Lane explained how the new cloud-based system uses GuardianDocs’ classification and extraction engine to actually review critical mortgage documents which will assure that they have been executed correctly. Then, the system will automatically do the following:

1. Create an electronic file, which is named and organized according to the client’s convention

2. Validate the borrower and co-borrower names, social security numbers, and addresses

3. Recognize and alert the servicer to any “inflight” loss mitigation and default documents

4. Extract key data elements from the documents, validate them and load them in the servicing system

Jonathan Kunkle, president of GuardianDocs said, “The process of reviewing documents, validating data, and mapping and boarding this appropriately form system to system has always been an expensive, time consuming exercise for portfolio buyers.”

Kunkle added, “Our new service is designed to significantly shorten the review process, lower due diligence costs, while dramatically improving accuracy, and reduce post-sale demands for buyer support and indemnification claims. With actionable data correlated to the source documents, services can simply compare what they’re being told what is true.”

In addition, Kunkle mentioned that the recent influx of servicing trades has highlighted the lack of consistency in how servicers store documents and validate their data. This new system will hopefully help in the concern over missing documents, inaccurate servicing data, and the possibility that loan modifications might “fall through the cracks.”

If you have any questions about anything related to the mortgage industry or are in the market to either buy or sell a home, please give me a call and we can discuss anything on your mind.

source: http://www.housingwire.com/articles/30065-lenderlive-launches-cloud-based-servicing-transfer-solution from web housingwire.com

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