Guidance for mortgage lenders

first_imgWhether you’re onboarding dozens or thousands of mortgage loans each month, verifying loan data is time consuming and prone to error. To address that challenge, lenders are turning to automated multisource, real-time data reconciliation to dramatically enhance the quality and speed of loan onboarding and servicing.Think of loan servicers as New York City’s Grand Central Station, which has multiple entry points for different transit systems – all running on different tracks and schedules. Like the famous terminal, servicers are a hub for the exchange of loan information coming into and out of the system in different formats and from multiple places.To keep loans running on time, servicers must ensure the accuracy of documents and data points as they pass between originators, customers, investors, regulators and others.  Errors and defects increase when content switches between systems, especially when servicers rely on redundant manual data entry instead of digital content transfer. Automating the exchange of structured and unstructured content helps servicers quickly identify, classify, compare and resolve any issues. That can significantly increase servicer efficiencies and improve validated data exchange between all parties.One leading mortgage servicer recently automated its content onboarding processes to make significant improvements to its servicing operations. The servicer’s goals were to automate the comparison and validation process for new loan onboarding, identify and report loan performance trends, and identify and remediate loan defects earlier in the origination process. To enhance staff productivity, the servicer used automated workflows to isolate the work requiring a human touch, queuing mismatches for staff review. 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Sail with the kids this summer on the Thunder Bay River

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisThe Alpena Youth Sailing Club voyaged the river behind the Thunder Bay National Marine Sanctuary all–week long. Student crews strapped on their life–vests all while WBKB caught the waves in motion.Facebook | Twitter | Instagram | Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena honors their very own Rosie the RiveterNext What’s Trending for July 5last_img