Financial services technology solutions provider Fiserv Inc. says the Comparalytics module within its LoanComplete suite now compares documents to any and all other documents associated with the loan file, regardless of the type of document.
The Comparalytics module works with existing data sources to identify and flag data mismatches between other systems, documents, data sources and the original documents – allowing real-time insight for corrections.
With the recent update, Fiserv says, the benefits of ensuring consistency of data by comparing loan document content against the loan origination system, automated underwriting system, servicing system and other systems of record is now extended to comparing document content directly to any and all other documents in the loan file.
Using LoanComplete, primary documents can be designated to serve as the main data source for comparison to other documents (secondary documents) in the same loan file. For example, information contained in the final documents can be used as the source data to verify that the information contained in the initial disclosures and application information is consistent and accurate and that the document sets are complete.
The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors prior to the sale of a loan or servicing rights to an investor – significantly mitigating downstream investor repurchase risks, mortgage servicing rights transfer delays and regulatory compliance challenges, Fiserv explains.