High Efficiency Docs
In the age of technology, document servicing has already been simplified significantly. However, new e-document options are a convenience and a challenge at the same time, as both servicers and mortgage technology providers look for better, more cost-effective options.
Encomia of New York is one example of a firm that sees benefits in adopting e-mortgage technology to document custody services as a way to ensure cost and time efficiency, especially when it comes to comparing data. Experts say e-mortgages are changing the way document custodians operate, but will not get them out of the game.
Firms such as First American Real Estate Solutions of Santa Ana, Calif., adapt to growing market demand for bundled services delivered in packages customized to fit specific lender needs. One example of clients using First American's "document tracking and recovery" service option is Nationstar Mortgage of Dallas, which specializes in nonprime mortgages and home-equity loans made directly to consumers and through a network of brokers and bankers. To best serve user needs First American provides a bundled services product customized to fit certain requirements presented by the lender based on consultative reviews.
At Guardian Mortgage Documents, Lakewood, Colo., efforts to optimize back-office loan closing activities have resulted in a new suite of transaction management services that help expand options beyond the basic closing documents. Outsourced services are timely and favored even more in the current market when the origination volumes tend to go downwards. Not only does outsourcing offer benefits that go beyond higher efficiency, it also provides better regulatory compliance and risk management. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com