Loan Boarding for Servicers & Sub-Servicers

Loan Boarding for Servicers & Sub-Servicers

MetaSource mortgage helps servicers and sub-servicers overcome the following challenges:

  • Sellers send blob files containing un-indexed documents so the buyer can't identify risk from missing documents and CFPB audits
  • Sellers send indexed documents that may not be indexed correctly, increasing buyer risk
  • Time to board a loan is too long, causing compliance risk
  • Post transfer, checking data integrity is time consuming, costly, and error prone

This is how we do it.

Pre-Purchase Review

Document Receipt

  • MetaSource receives incoming documents and data tape via SFTP, web service, mail, email, mobile or fax, typically managing the SFTP setup with third parties directly to save the client time

Document Indexing & Data Extraction

  • MetaSource uses a blend of OCR technology, a process used for about 450 clients, and a staff of about 600 people that know mortgage documents to split blob files into individual documents
  • We index all documents on Loan Number (validating it with a secondary field) and client-defined Document Type
  • MetaSource has trained it's systems and staff to identify documents according the "MetaClass" taxonomy for better efficiency and fewer errors – we classify each document by type using our proprietary MetaClass classification scheme mapped to your unique list of document names
  • Extract client-specific information to feed your Loan Servicing Platform and to perform data integrity checks – extraction could be as simple as extracting document date for sorting Initial to Final document (get example of documents that need this) or extraction of 100s of fields with the highest accuracy

Automated Document Deficiency Identification and Reporting

  • Upon loading ingesting of indexed documents into LoanStor, MetaSource's Enterprise Content Management and Workflow software designed specifically for the mortgage industry – sellers, subservicer clients, and buyers immediately receive a Document Deficiency Report that tells them which required documents are missing, if any, from each loan file; this report is available real-time
  • LoanStor allows the seller to perform "Self Service" and upload and index the missing documents

Data Integrity Review

  • Once loan files are complete, MetaSource compares data from the transfer tape, from the documents themselves, and from the servicing platform using our "DREAMS" (Data Reconciliation and Management System) solution
  • We first normalize the data so that Street and St aren't identified as discrepancies, for example
  • True discrepancies are presented to the client to decide which data source is correct and output files are created to update, as appropriate, the Servicing Platform or the LoanStor document repository

Assignment of Mortgages (AOM)

When loans are bought and sold, the buyer is the beneficiary, so we recommend that mortgage servicers take control of the process and partner with us to ensure that assignment of mortgages (AOM) are done correctly. When the buyer is in control of the assignment, they can follow up to make sure everything gets signed, returned and sent for electronic recording.

Once the loan is boarded successfully, MetaSource can help servicers with mailroom services and maintaining compliance and excellence with ongoing servicing QC and MERS audit reviews.

Contact us to learn more about our mortgage document scanning & data ingestion services