AccuPost Technology Helps Relieve Pressure on Post-Closing
AccuPost PCS, a provider of post-closing technology and outsource services, is rolling out a new enterprise software solution designed to help mortgage lenders better manage post-closing activities on their loans.
The company, which is inviting prospective clients for a test drive in their hospitality suite at this year's annual convention, hopes that the new AccuPost Post-Closing System, or PCS, will help lenders manage backlogs like the ones caused by the heavy lending volume of the past few years.
Heavy volume may be causing some lenders to experience an increase in processing errors, incomplete documentation, and potentially late submissions of loan documents, according to AccuPost's founders. For that reason, they expect lenders will be paying a lot of attention to issues related to productivity and efficiency at this year's 90th Annual Mortgage Bankers Association Convention in San Diego.
They believe PCS can help lenders on both sides of that equation. Dick Solheim, CEO of AccuPost, said that PCS helps reduce the pressure on lenders by providing the right mix of checklists and workflow to help insure that requirements for loan processing are met and to minimize the number of errors that might get a loan rejected for insurance or sale.
The system was designed as an application service provider, so lenders have little in the way of hardware requirements. The only technology they need is an Internet Explorer and Web access.
The PCS has built-in work queues that guide post-close processing so that all requirements are addressed and every loan is handled the same way, from documentation through managing exceptions. Historically, AccuPost's technology addressed the processing of government-insured loans, but the new software is designed to handle conventional and subprime loans as well.
"We are now expanding this type of technology to accommodate any kind of loan that a lender would close," Mr. Solheim explained.
As a corollary benefit, PCS allows lenders to measure post-closing productivity, allowing companies to monitor how well operation centers and their employees are doing. They can also track loan origination sources to see where errors or exceptions are concentrated.
Todd Tzeng, president and chairman of AccuPost, said that in addition to monitoring their own staff, PCS users can use the technology to keep track of AccuPost's own productivity when lenders hire the firm to do post-close processing.
"They get a lot of good data about their operations," he said.
That data may benefit a new project on the company's agenda: the formation of a group to create benchmarks for post-close productivity.
AccuPost was asked to facilitate the project, Mr. Solheim said. The goal is to develop "best practice" goals that will help lenders establish benchmarks for productivity in managing things like the incidence of trailing documents and other issues handled by post-close departments.
The group is holding its first meeting in early October via a conference call. The plan is to meet at least once or twice a year face-to-face as well.
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