TRK Connection (TRK), a provider of mortgage quality control (QC) and origination management solutions, has added new functionality to its flagship QC audit platform Insight Risk and Defect Management (RDM).
The company says the new functionality will help mortgage lenders digitally manage the re-verification process, including e-sign and automated bulk document indexing.
Using Insight RDM’s e-sign capabilities, external sources (employers, financial institutions, etc.) can electronically complete re-verification documents, eliminating the need to print and mail (or fax) outbound documents and scan and attach inbound documents while also providing a more secure method of document delivery, completion and return, the company says in a release.
“Lenders’ digital mortgage efforts shouldn’t stop at the closing table,” says Teri Sundh, CEO of TRK Connection. “Insight RDM is the first mortgage QC platform to offer its users full e-sign capabilities so that they can continue to operate electronically and take advantage of the efficiency and cost-savings benefits inherent in a digital mortgage environment.”
For those institutions that still receive re-verification documents in paper format, Insight’s bulk document indexing feature, Redex, helps lenders and audit firms streamline their re-verification process using electronic batch processing.
With Redex, lenders and audit firms can electronically ingest returned re-verification documents in bulk, and from there, the system sorts, organizes and indexes the documents and then automatically attaches them to their associated loan files, the company says.
“While TRK is a fervent advocate of the industry’s digital mortgage efforts, we also recognize that, until digital mortgage adoption becomes widespread, there are still going to be instances where lenders will need to work in paper, especially in the re-verification process,” says Sundh.
“Redex is our solution to this issue. By enabling lenders and audit firms to electronically ingest and process these documents in bulk, we’re saving our clients untold hours of labor that be re-directed towards activities that have a greater impact on improving loan quality,” Sundh adds.