End Lien Release Headaches and Focus on the Rebound | MetaSource

MetaSource Mortgage Blog

End Lien Release Headaches and Focus on the Rebound

  • Monday, July 6, 2020

For servicers trying to get things moving after months of shutdown, unresolved lien release issues can be a major source of disruption.

With many county offices closed over the past few months, navigating the requirements around lien releases has become a far more complicated undertaking. Some of the 3,600+ recording offices around the country are still not equipped to accept lien release forms electronically.

Even as offices begin to reopen, federal and investor sources are making additional demands and there are more than a million unique recording requirements just waiting to trip you up.

With deadlines of 10-90 days for filing a lien release in the county where the mortgage or deed of trust is recorded, and refinance volumes expected to surge to a 17-year high as rates fall, large backlogs could leave you at risk of lien rejection, non-compliance or with crippling inefficiencies.

Even as recording offices begin to reopen, federal and investor sources are making additional demands. There are more than a million unique recording requirements just waiting to trip you up.

On the other hand, keeping up with paperwork and tracking processes that don’t leave any details to chance will leave you better positioned to harvest the opportunities in what is likely to be a turbulent year.

Digital Lien Release Tools: Track Now So You Aren’t Scrambling Later

Managing a small backlog of lien release documents is standard practice for most servicers, but it can easily become unmanageable with thousands of documents to shepherd through a process that is far from consistent from agency to agency.

Keeping up means maintaining a document management and tracking system that won’t leave you shuffling through paper or searching for missing records.

At MetaSource, our array of solutions for the mortgage industry has been honed over the last 25 years. We offer services and digital tools designed to help our clients do more of the things that help them grow their businesses, and less of what leaves them bogged down in paperwork and data entry. Our proprietary document management software, Eclipse, is the fast track to lien release efficiency and boasts one of the lowest rejection rates in the industry.

It’s software that provides you with click-of-a-mouse visibility into the status of every document and recording process in your portfolio. It offers efficiency you can use to do more, whether you’re clearing out a pandemic-related backlog or preparing to follow the market into record levels of refi originations.

Lien Release Backlog Best Practices

From missing documents to incorrect payment amounts to using the wrong font, the slightest errors in paperwork can cause a lien release to be rejected. Not only will a system of tracking allow you to monitor all open cases from a single device, it can dramatically reduce the rate of rejection too.

Keeping up manually is an overwhelming job. But with the right digital tools and a few key best practices, you can end lien release headaches and position yourself for the rebound. Here’s a brief overview of the role that Eclipse can play in your efforts:

  • One of the lowest rejection rates of any solution in the industry
  • 24/7 password protected online tracking
  • Document processing 50-75% faster than the industry average
  • County-specific document management

Eclipse eliminates the need to manually track each document and empowers you to manage increased volumes while minimizing the rate of lien release rejections.

And if reporting software alone won’t do the trick, the MetaSource mortgage team is happy to help with customized services and solutions – throughout good and turbulent times.

To learn more about our software and lien release services, give us a call or click the link below to let us know how we can help.

Contact us to Learn More Lien Release Services