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LenderLive launches cloud-based servicing transfer solution

Denver-based LenderLive Network, a mortgage services provider, is expanding its DocData document management platform. The new feature is a cloud-based servicing transfer solution designed to take time and cost out of mid- to large-scale whole loan and mortgage servicing rights transfers.

The new solution “systematically reviews loan files, recognizes critical borrower workout documents and creates additional data and fields needed to accurately service transferred loans.”

The DocData platform is part of LenderLive’s GuardianDocs unit. “The process of reviewing documents, validating data, and mapping and boarding this appropriately from system to system has always been an expensive, time consuming exercise for portfolio buyers,” said Jonathan Kunkle, president of GuardianDocs.

“The spate of recent servicing trades has also highlighted the lack of consistency in how servicers store documents, validate their data, and ensure, that when a loan is being moved, the new servicer has everything they need. Concern over missing documents, inaccurate servicing data, and the possibility that loan modifications ‘might fall through the cracks’ have been cited by regulators as reasons to delay large-scale MSR transactions.”

The new cloud-based system uses GuardianDocs’ classification and extraction engine to review critical mortgage documents and assure that they have been properly executed. The system then automatically:

  • Creates an electronic loan file, named and organized according to the client’s convention
  • Validates borrower and co-borrower names, social security numbers and addresses
  • Recognizes and alerts the servicer to any ‘inflight’ loss mitigation and default documents
  • Extracts key data elements from the documents, validates them and loads them in the servicing system

“Our new service is designed to significantly shorten the review process, lower due diligence costs, while dramatically improving accuracy, and reduce post-sale demands for buyer support and indemnification claims,” Kunkle added. “With actionable data correlated to the source documents, servicers can simply compare what they’re being told to what is true.”

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