Mortgage compliance technology firm Bizzy Labs has updated its Libretto solution in order to further streamline and automate the loan boarding process, particularly for MSR acquisitions.
Libretto now integrates business rules with automated workflows to minimize risk when MSR clients are boarding newly acquired loans on their servicing systems, the firm says in a release.
Bizzy Labs is an affiliate company of BSI Financial Services, a mortgage fintech platform.
Leveraging AI, optical character recognition (OCR) and workflow automation tools, Libretto integrates with various data sources—such as the Uniform Loan Deliver Dataset (ULDD), data tapes and document images—and automatically compares and verifies extracted data to improve speed, accuracy, and compliance in the loan boarding process.
If any issues are detected, Libretto automatically reaches out to prior servicers to fix the errors in the data tape or document images and keeps the process of onboarding loans onto the Sagent LoanServe servicing platform moving forward. BSI leverages Sagent’s cloud-based servicing platform as its system of record.
The enhancement incorporates dozens of business rules that check for common errors and discrepancies in the loan boarding process. It also provides end-to-end reporting that gives all internal business and compliance stakeholders, including prior servicers, the ability to monitor status updates and loan boarding issues and deliver accurate results almost instantaneously.
“Our latest enhancement to Libretto leverages generative AI capabilities to provide the fastest and most accurate loan data boarding available in the industry,” says Gagan Sharma, founder and CEO of both BSI Financial Services and Bizzy Labs, in the release. “This upgrade perfectly illustrates our commitment to improving loan performance and profitability for our MSR acquisition clients.”
“I’m excited that we’ve achieved this milestone and see broader uses beyond the boarding phase,” adds Anwar Ali, product manager lead at BSI Financial. “Libretto’s ability to scan for compliance risks and deadlines using an entire library of compliance and business rule sets is second to none.”
BSI Financial Services is committed to opening its technology to business and compliance partners, regulatory agencies, and other service providers so they can build their own solutions on top of BSI’s technology platform.
“Through collaboration and integration with open-source technologies, we will continue to evolve and build our platform as a foundation for bringing efficiency and accuracy to our industry stakeholders,” says Sharma.