Loan Boarding Unclogged
When you take in hundreds or even thousands of new loans each month from originations, MSR acquisitions, or portfolio transfers, there is no such thing as a “little” discrepancy. Mismatches between mortgage data and the information in the loan file can create delays, add costs and prolong research cycles.
Even performing due diligence or QC on a sample will not identify all of the issues.
So how do you efficiently manage the intake of multiples files that can contain between 500 and 1,500 pages per file without letting discrepancies stall the process?
You could try to hire your way out, bringing on an army of quality control specialists to comb through your documents with sharp red pencils, but…
Here’s a Better Idea
At MetaSource we have a better idea. Our MetaBoarding process can quickly root out and identify the most common forms of discrepancies – along with a variety of errors – with just the right mix of technology and expertise. This quickly identifies the core and actionable data.
The benefits include:
- Reduced risk of buy backs and agency fines
- Decreased operating costs
- Increased revenue growth rate
Here’s how we do it.
We Know What We’re Looking For
A lack of document classification and data discrepancies are major sources of processing clogs and duplicate loan documents that need to be eliminated.
We Know How to Correct It
Our Steps Are:
- Establish a duplication check to ensure the same file is not sent in more than once
- Split BLOB files into documents if not already done
- Classify each document by type
- Identify the most recent version of each relevant document
- Extract relevant data from the most recent version
- Identify missing required documents
- Get the missing required documents from the borrower or loan officer if the loan is from Originations, or from the previous servicer if it’s an MSR acquisition or portfolio transfer
- Compare the loan origination platform (LOS) or previous servicer data to the data extracted from the documents
- Reconcile the differences
- Export the corrected data to your servicing platform
Our MetaBoarding solution eliminates data discrepancies as part of the loan boarding process because it identifies almost 100% of what we call “versioning and field remediation discrepancies.” These occur when data from the wrong version of a loan document is populated into an LOS system or Servicing platform. Versioning discrepancies are eliminated when documents are automatically classified by type and date, so that the most recent version can be identified. The data is extracted from relevant documents, compared to the customer data file and populated into your LOS or servicing platform once cleansed.
MetaBoarding’s intelligent capture quickly and accurately classifies the document type and pulls the required data from a document into a digital file allowing for quick identification and resolution of remaining data discrepancies. MetaBoarding helps reduce file size, reducing the amount of storage needed – especially useful if files are stored in the cloud since you are charged for storage.
We Have Strategies for Preventing It from Happening Again
In addition to conducting quality control audits of your processes and data, we can identify the biggest source of your loan document and data discrepancies (especially repeat offenders), so you can adopt client/correspondent/seller-specific strategies to eliminate problems at their source.
Better Loan Boarding Saves One Client $700,000
With the full implementation of MetaBoarding, our clients can now onboard and process twice the number of loans in the same amount of time. For one particular client the MetaBoarding program eliminated duplicate file receipt which reduced the duplicate file intake by 15%. That plus MetaBoarding’s automated document classification and extraction resulted in significant overall savings: a 20% reduction of manual labor per loan and an estimated processing cost savings of $700,000 per year.
Streamline Your Loan Boarding & Save
None of the above could be considered easy except that it can be accomplished in one step when you engage the right partner.
At MetaSource, we can streamline your loan boarding, ingesting both paper and digital documents seamlessly into a fully reconciled digital file, no matter how many sources of records or file types you have to integrate.
Our processes for streamlining and QC in the mortgage lending and servicing industry have saved our clients hundreds of thousands of dollars in time and labor lost to boarding errors, while also creating dramatic improvements in cash flow.
What are you waiting for? Contact us to get started today.