LoanLogics has developed an automated module to detect the cause of reconciliation errors between MERS data and servicing system data that can improve origination and lower operating costs in the future.
The workflow system featured in LoanHD reconciliation module has the capability to prioritize assignments, including the resolution of deficiencies, and monitor how long time errors have persisted. Also, having automated examination of the data replaces the manual processes that many servicers found exposed them to unnecessary risks and were slow, expensive and inaccurate.
Don Smith, product manager for
The Fort Washington, Pa.-based provider of loan quality management and performance analytics’ new solution identifies inconsistencies between MERS data and with servicing system data and flags them so they can be resolved in a timely manner. Loan-level detail enables auditors to review side-by-side data comparison of MERS, servicing system and audited data to highlight defects that need to be fixed immediately.
Overall, this solution helps guarantee that the servicer remains compliant with the MERS audit requirements and rules.
“The platform provides a powerful workflow tool that enables managers to assign work to a specific team or person that is best equipped to do the work,” Smith added. “That will help ensure that discrepancies are resolved as quickly and accurately as possible. Also, bottlenecks are avoided because the professionals that are best at resolving a particular issue are assigned to handle it.”
