Paid in full processing use case example

Challenge

Low interest rates have driven mortgage refinancing to new highs, with recent data showing that 68%* of all home loans issued in Q1 of 2021 alone were for refinance mortgages. For loan originators, the flip side of this record growth is a need to accelerate Paid in Full Processing actions at unprecedented levels of volume and efficiency. Like many lenders, one top 10 loan originator had a major third-party post-closing firm handle this process, which involves obtaining necessary documents from the designated custodian, and then processing and sending certain documents to the loan originator and the mortgagor. But with document processing requests soaring to as many as 45,000 a month, costs skyrocketed, while speed and service levels from its third-party vendor started to decline. The lender risked not getting documents on time and missing deadlines that differ by state for recording the lien satisfaction in the land records, as well as getting discharge of mortgage documentation in the correct form to the mortgagor.

Solution

Iron Mountain works with 23 of the 29 GSE sanctioned custodians -- to not only securely store mortgage documents, but accelerate the certification process using AI and Machine Learning technologies so that the loans can be timely securitized and sold to investors. With confidence in that rich industry experience, the loan originator decided to put Iron Mountain in charge of its Paid in Full Process, with Iron Mountain working directly with their custodian to handle the process securely, efficiently and cost-effectively, end-to-end.

Result