LoanLogics has introduced a new module for its LoanHD platform that automatically reconciles MERS data with servicing system data, thus replacing the slow, expensive and inaccurate manual processes that expose servicers to unnecessary risks.
Don Smith, product manager for LoanHD, said the new module ‘identifies errors or inconsistencies and flags them so that they can be resolved, keeping the servicer in compliance with the MERS audit requirements and rules.’
What's more, the software ‘generates an audit trail that is transparent to the parties and eliminates the need for servicers to manually review spreadsheets to find inaccuracies,’ he said.
The system also provides reporting tools enabling managers to spot trends. In addition, it facilitates workflows that allow for the prioritization of assignments and faster resolution of deficiencies. It also allows servicers to monitor the length of time errors have persisted.
Smith said the new module ‘provides a sophisticated, powerful workflow tool that enables managers to assign work to a specific team or person that is best equipped to do the work.’
‘That will help ensure that discrepancies are resolved as quickly and accurately as possible,’ he said. ‘Also, bottlenecks are avoided because the professionals that are best at resolving a particular issue are assigned to handle it.’
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