Mortgage servicers and sub-servicers face a unique set of challenges. This is especially true with the increase in quality control (QC) scrutiny from investors, regulators and agencies like FHA, Fannie Mae, and Freddie Mac.
From Onboarding through QC
Whether you’re a servicer purchasing a loan portfolio, a sub-servicer boarding your clients’ loans or simply moving data from your LOS to your servicing platform… you face the same challenge: accurately ingesting mortgage documents and data in a timely manner. There is a lot at risk in this process. Missing or incorrectly indexed documents, as well as excessive time to board can expose your organization to compliance risk and CFPB audits. Not to mention, post transfer data integrity checking is time consuming, costly and error prone.
MetaSource can evaluate the portfolio prior to purchase and you can rest easy knowing that your loan transfer is received accurately and boarded onto your servicing platform. MetaSource uses a blend of optical character recognition (OCR) technology, a process honed with 450 mortgage clients and a staff of 600 mortgage experts to index and extract information from your documents. We split “blob” files into unique documents as needed, classify each document by type using our proprietary “MetaClass” classification scheme mapped to your unique list of document names. We then complete data integrity checks prior to being feed into other systems like your servicing platform.
And, after MetaSource performs data integrity reconciliation and the loan is boarded successfully, we can assist with maintaining compliance and excellence with ongoing servicing QC audits and MERS audit reviews, as well as our lien release service.