Mortgage and loan solutions

Since the start of the global COVID-19 pandemic, lender business continuity plans remain in flux. Some sites are still (temporarily) shut down, limiting access to physical loan files for remote workers. For onsite employees, implementing proper social distancing measures to reduce health risks also can be difficult with limited office space.

With huge overhead costs, resource allocation at a premium, e-notes creating variable physical decline, and unpredictable market conditions, it can be a substantial strain on your business to support the operations of a document custody program.

Mortgage originators face the fluctuation of ever-changing conditions, which are accelerated by everything from expanding borrower expectations and shifting interest rates to new product requirements and regulatory obligations.We know it’s a challenge to manage each oncoming wave while trying to run the business at hand.

The lending industry is in the midst of a rapid increase in default rates. Managing a large influx of collateral files for imaging, validation, and disposition to an attorney can be difficult with limited access to your office, hardware, and staff while most employees are working remotely.

During the purchase or sale of a loan, the buyer or seller must properly organise and process documents to meet contract requirements within a limited timeframe. However, documents requiring processing and movement can be in a physical or electronic format. With limited resources, digitising large volumes of files and mapping images to taxonomies can seem impossible.

One top 10 loan originator worked with a major third-party post-closing firm to obtain necessary documents from the designated custodian. Processing and sending certain documents to the loan originator and the mortgagor followed. But with document processing requests soaring to as many as 45,000 per month, costs also skyrocketed while speed and service levels from the lender’s third-party vendor started to decline.