Trailing Document Best Practices | MetaSource

MetaSource Mortgage Blog

Trailing Document Best Practices

  • Monday, August 17, 2020

Mortgage originators have always struggled to properly execute the trailing document process in an efficient, cost-effective manner. But with the new remote work model here to stay, tracking, recording, and storing trailing documents has become particularly difficult.

How can you stay on top of the deed of trusts, title policies, private mortgage insurance policies, and other required files coming in if no one is at your office to pick them up in the first place?

The simple answer is that you can’t. The documents will start to pile up in your office—if they haven’t already—and that can lead to major monetary losses. After all, you can’t get the capital you were promised by GSEs if you can’t deliver the full pool of documents that you promised them. What’s more, you risk losing the trust you built with GSEs and, therefore, the ability to sell to them down the road.

Fortunately, you can avoid these financial challenges and set yourself up for future success by following a few key trailing document best practices.

Transition to a Digital Mailroom

The easiest way to streamline the trailing document process remotely and continue bringing in capital is to transition to a digital mailroom. You’ll find the most success with a digital transformation partner that has experience in the mortgage industry.

The right partner can provide you with a digital mailroom service that meets your needs through-and-through, from document retrieval to storage. Top digital mail solutions ensure trailing documents are quickly processed: scanned, indexed for easy accessibility, and mailed to the appropriate investor or custodian.

With a digital mailroom solution, you can ensure that files don’t go missing and, instead, get processed in a timely manner because your partner will receive them on your behalf. A reliable partner enables you to get your trailing document pools to GSEs efficiently so you can maintain cash flow. Not to mention, you can give any staff members still working on-site more time to complete other critical tasks, potentially leading to even more financial gains.

Utilize a Workflow Automation Platform

A workflow automation platform can help you streamline trailing document management. This type of technology helps authorized personnel identify all documents needed as part of the mortgage file, like a checklist. If there are any issues with recorded instruments, you can go into the platform, pull a report of the issues, and see what you can correct.

Not only does this expedite the entire trailing document process, but it also provides all the necessary documentation for sales to investors. Workflow automation solutions eliminate the risk of not delivering to GSEs on time and help to prevent double loans and fraud.

Invest in Technology with Real-Time Process Visibility

As the sheer number of trailing documents begins to multiply, tracking progress and managing discrepancies and defects while keeping investors and auditors in the loop are not tasks that can be easily accomplished—especially while working from home.

However, utilizing a web-based solution that offers total process visibility is easy. With a platform that provides at-a-glance insights to everyone involved in the process, you can eliminate costly interruptions, dramatically increase speed to purchase, and meet investor delivery deadlines.

Here at MetaSource, we have created our own web-based solution that offers real-time process visibility and collaboration features: MetaWorx℠. MetaWorx is a customizable mortgage workflow platform that offers complete transparency throughout the entire trailing document process. With color-coded status indicators and real-time tracking of documents, MetaWorx simplifies the identification of missing documents, documentation errors, compliance deficiencies, and data inaccuracies. Originators, investors and auditors can view files and work simultaneously, perfecting documents before transferring them to servicing.

Enable Growth and Shrink Risks with Additional Mortgage Solutions

Mortgage process automation and third-party expertise can free you of burdensome and error-prone trailing document processes that can leave your business hobbled by delays, missed opportunities, and financial challenges.

At MetaSource, we built our reputation around innovative solutions and technology for helping our mortgage clients move forward.

We are an experienced mortgage technology provider, offering mailroom and PO box scanning services, and state-of-the-art document management and workflow solutions that streamline mortgage processes. Give us a call or click on the link below to learn more.

Contact us to learn more about trailing document mailroom/PO box scanning and workflow automation software