The days of storing mortgage legal documents in offsite warehouses may be limited as the industry increasingly embraces electronic commerce. But whether documentation comes in the form of digital documents, electronic images of paper originals, or actual old-fashioned paperwork, managing and storing the data and legal work associated with a home loan continues to be of the utmost importance.
Nobody knows that better than servicers and the technology partners they rely on to manage documentation and information. The sooner lenders unburden themselves from huge crates of manila loan files, the better. Mortgage servicers today want access to as much of the information and legal paper associated with a loan electronically as possible. And the huge surge in loan workouts makes that task even more important. Lenders want their collection and loss mitigation crews to be able to call up paperwork on demand, on their computers. They don't feel they have the luxury of sending a request down to a central document storage unit and waiting for it to be sent back. Because borrowers, especially those who are having trouble making payments, are often difficult to contact, lenders want to make as much progress as possible while they have a borrower on the phone. They don't want credit counselors promising to call a borrower back, some days later.
That makes document custody about much more than storing documents. Today, lenders are looking for a comprehensive document solution. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/