Loan Boarding for Servicers & Sub-Servicers

With our MetaBoarding loan boarding solution, MetaSource helps servicers and sub-servicers to:

  • Index documents to identify risk stemming from missing documents
  • Automatically identify missing required documents
  • Eliminate manual “Stare and Compare” with a technology-based solution to identify servicing data discrepancies
  • Quickly board unlimited loan volume

This is how we do it.

Pre-Purchase Review

Document Receipt

  • MetaSource receives incoming documents and the “data tape” via encrypted drive, 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 500 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 its 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
  • Using our proprietary process, MetaExtract, we extract client-specific information to feed your Loan Servicing Platform and to perform data integrity checks with the highest accuracy

Automated Document Deficiency Identification and Reporting

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

Data Integrity Review

  • In MetaStor’s workflow, MetaSource presents discrepancies between the previous servicer’s data tape and the data extracted from the documents
  • Servicer staff no longer uses the inefficient and error prone “Stare and Compare” process of looking at every data point on every document
  • With MetaSource Loan Boarding’s technology-based solution, your staff only reviews the exceptions – the true discrepancies
  • An updated and accurate servicing data file is output to your Servicing Platform

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.