The June issue of Servicing Management features the article Best Practices for Mortgage Boarding, Workflow Automation and Document Management written by Ruth Lee, our Sr. Director of Mortgage Services. Below is an excerpt of the article. Let us know if we can help you with any of the topics discussed.
A best practice is a process generally accepted as achieving superior results to alternatives. The key to that sentence is "results," which are subjective depending on your goals. Because the scope of the data and documents relied upon by servicers has blossomed in the last decade into a manually improbable challenge and the margin for error is thin, those goals today are primarily focused on proving compliance. However, business is business, and best practices have to meet the practicality test when weighed against many factors, to include sustainability and cost-effectiveness.
In a recent mortgage industry survey, three pain points identified by servicing executives as "highly challenging" include the following:
- Moving mortgage data from loan origination to servicing systems (21%);
- Archiving and auditing for compliance and customer contact (20%); and
- Onboarding new loans or acquired portfolios (17%).
In today's fintech-rich environment, best practices are more accessible and the technology required to achieve them is more approachable than ever before. A strategy to marry your strategic vision for best practices with mature technology and strong vendor partners can have you executing servicing processes with more confidence, less risk and higher margins.
Servicers can find best practice solutions to turn the "highly challenging" into very manageable processes using mortgage boarding automation, smart document mortgage management and effective servicing quality control (QC). Although the prospect of implementing such a strategy may seem daunting, the benefits and efficiency greatly outweigh the investment and implementation effort.
Servicing Management Magazine
Servicing Management is the premier magazine focused exclusively on the mortgage servicing industry. It delivers how-to features, trend analysis, legislation and regulatory news, and profiles of industry leaders so that the "back shop" has a front row seat in the mortgage market.