LenderLive Network Inc. says its GuardianDocs unit has added a new, cloud-based servicing transfer solution as part of its DocData document management platform.
Designed to take time and cost out of mid- to large-scale whole loan and mortgage servicing rights (MSR) transfers, the solution systematically reviews loan files, recognizes critical borrower workout documents, and creates additional data and fields needed to accurately service transferred loans, the company explains.
The new DocData service uses GuardianDocs' classification and extraction engine to review mortgage documents and assure that they have been properly executed. The system then automatically does the following:
- Creates an electronic loan file, named and organized according to the client's convention;
- Validates borrower and co-borrower names, social security numbers and addresses;
- Recognizes and alerts the servicer to any "in-flight" loss mitigation and default documents; and
- Extracts key data elements from the documents, validates them and loads them in the servicing system.
"The process of reviewing documents, validating data, and mapping and boarding this appropriately from system to system has always been an expensive, time-consuming exercise for portfolio buyers," says Jonathan Kunkle, president of GuardianDocs. "Concern over missing documents, inaccurate servicing data,and the possibility that loan modifications might "fall through the cracks' have been cited by regulators as reasons to delay large-scale MSR transactions.
"Our new service is designed to significantly shorten the review process, lower due diligence costs – while dramatically improving accuracy – and reduce post-sale demands for buyer support and indemnification claims. With actionable data correlated to the source documents, servicers can simply compare what they're being told to what is true," Kunkle adds.