Streamline Whole Loan Purchase Review Process and Free Your Staff to Do More
MetaWorx™ dramatically increases speed to purchase and improves lender experience in the purchase review process by automating file submission and making documents and data instantly accessible. MetaWorx even makes it possible for some portfolios to move from intake to auditing without any human intervention via “touchless processing.”
With color-coded status indicators, real-time tracking of loan audit processing, and icons that indicate where attention is needed, MetaWorx provides lenders, investors, and auditors with at-a-glance visibility into progress, discrepancies and defects in their portfolio pipeline including:
- Missing documents
- Documentation errors
- Compliance deficiencies
- Data inaccuracies
At-a-Glance Process Visibility for Every Loan File
MetaWorx is a user-friendly platform that displays audit stage turn-times, purchase/audit conditions and stipulations. With customizable criteria for determining level of risk, MetaWorx gives investors the flexibility to review loans based on the requirements they establish.
MetaWorx is a collaborative web-based platform for streamlining the auditing process on all sides of the secondary market. It enables rapid identification and correction of defects for higher overall loan quality and investor confidence. It enables originators, auditors, and investors to work simultaneously in a single platform to perfect files for purchase that can then be immediately transferred to servicing. The platform also streamlines the process of portfolio management by providing visibility into procedures, performance and revenues as a component of MetaSource services or as a stand-alone platform:
- MetaSource whole loan purchase review services
- MetaSource whole loan purchase review services for HFAs
- Stand-alone intake and onbboarding
- Stand-alone trailing document management
Versatile workflow capability, powered by optical character recognition (OCR) technology, allows files to move from intake to auditing without a human touch.
“Our lenders have grown comfortable with MetaWorx and enjoy its streamlined approach to reviewing closed mortgages. It has changed the way we do business by giving us the time we need to focus on strategic initiatives.” – Rhode Island Housing
How it All Worx
- Documents are directly uploaded to the platform or overnighted to MetaSource for manual scanning and uploading. Once documents are digitized, An OCR-enabled workflow identifies the documents that have been uploaded and automatically notifies the client that the file is being worked on.
- MetaWorx identifies how each document applies to specific audit questions. Questions are configurable by client to establish a customizable level of risk tolerance.
- A three-part auditing workflow determines whether required documents are accounted for, compares data to ensure discrepancies are addressed, and reviews the documents for compliance with regulatory, agency, or investor specific requirements.
- Audits are customizable for “tiering” of lenders, creating a scaled-back audit for established originators who deliver consistently high quality loans, which increases speed to purchase. Performance data can be used to create lender scorecards and risk-based pricing models.
- Sophisticated triggering enables the workflow to go beyond simply flagging errors to get to the root of defects. For example, a file that has been flagged as having unnecessary flood insurance, is recognized as actually missing an accurate flood plain number.
- Real-time, color-coded status updates and a user-friendly interface provide unmatched visibility into investor pipeline and auditor service execution document by document and loan by loan.
Manage Risk, Drive Revenues
With MetaWorx, you gain the efficiency and cost modeling needed to scale up or down to drive revenue growth and control expenses in a real-time web-based system, while ensuring a meticulous system of risk management.
Robust reporting enables you to identify additional process improvements, flag lender performance metrics and identify training needs.
Whether you want to prepare a lender scorecard, create a report by loan type or view trending data, the information can be customized to meet your needs. Data can also be organized to match agency taxonomy, and users can work their loans directly in the system for added efficiency.
Real-time status reporting means lenders can see “at a glance” how many files are being audited, how many conditions are left to resolve, and what has been authorized for purchase. Investors also have the ability to clear their own conditions for greater speed and control.
The MetaWorx messaging center provides an additional layer for resolution of disputes and errors or requests for exceptions in a collaborative environment with a clear audit trail.