The mortgage industry is laden with paper documents. However, the paper documents may be the only source of truth throughout the life of the loan. Inaccurate data about the loan and what documents exist (or don’t exist) within that loan file may start as early as during origination. When that loan is sold, the new purchaser must validate the seller’s data immediately, and in an efficient and cost-effective manner. As the loan is serviced, the potential for additional inaccurate data to be collected, added or formed is even greater.
A new servicer cannot be confident that the originator and prior servicer had accuracy on 100% of the critical data. Further, the CFPB has opined that during a servicing transfer, the new servicer must identify any in-flight loss mitigation efforts and seamlessly address and continue those efforts. In all cases, identification, verification and resolution start from the paper documents, the “source of truth”. Pinpointing missing documents is equally important because the buyer or new servicer cannot validate what they do not see.
The real power lies within the GuardianDocs advanced DocData classification and extraction engine. It handles the details, substantially reducing your time, cost and risk, and ensures that all key documents are efficiently and properly executed and validated. Electronic data and reports are provided back to you in an easily digestible format of your choice.
Equipped with the GuardianDocs cloud-based solution, clients can capitalize on our highly customizable, rules-based engine for compliance and scalability; reducing manual entry costs while optimizing document processing speed and accuracy.
We are confident there is no better way to efficiently
board loans and servicing transfers.
In fact, contact us for a proof of concept test run and discover the many benefits for yourself.